los angeles department of water and power …€¦ · courtland partners, ltd. 127 public square,...

COURTLAND PARTNERS, LTD.

127 PUBLIC SQUARE, SUITE 5050

CLEVELAND, OH 44114

216-522-0330

10866 WILSHIRE BLVD., SUITE 830

LOS ANGELES, CA 90024

310-474-3040

LOS ANGELES DEPARTMENT OF WATER AND POWER EMPLOYEES'

RETIREMENT PLAN

REAL ESTATE PORTFOLIO

PERFORMANCE MEASUREMENT REPORT

Third Quarter 2016

____________________________________________________________________________________________________


Los Angeles Department of Water and Power Employees' Retirement Plan Third Quarter 2016

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Executive Summary.............................................................................................................................................................................................

TABLE OF CONTENTS

Summary of Portfolio Investment Net Returns.............................................................................................................................................

Gross Returns vs. Benchmarks.........................................................................................................................................................................

Risk/Return Review............................................................................................................................................................................................

Portfolio Property Type Diversification..........................................................................................................................................................

Investment Structure Diversification...............................................................................................................................................................

Portfolio Geographic Diversification...............................................................................................................................................................

Portfolio Partner/Manager Concentration......................................................................................................................................................

Investment Leverage Review.............................................................................................................................................................................

Total Portfolio Investment Activity Statement..............................................................................................................................................

AG Core Plus Realty Fund III Investment Summary...................................................................................................................................

AG Core Plus Realty Fund III Investment Activity Statement...................................................................................................................

Almanac Realty Securities VI Investment Summary.....................................................................................................................................

Almanac Realty Securities VI Investment Activity Statement.....................................................................................................................

Almanac Realty Securities VII Investment Summary....................................................................................................................................

Almanac Realty Securities VII Investment Activity Statement....................................................................................................................

Blackstone Real Estate Partners Europe IV Investment Summary............................................................................................................

Blackstone Real Estate Partners Europe IV Investment Activity Statement............................................................................................

Blackstone Real Estate Partners VII Investment Summary.........................................................................................................................

Blackstone Real Estate Partners VII Investment Activity Statement.........................................................................................................

Bristol Value Fund II Investment Summary...................................................................................................................................................

Bristol Value Fund II Investment Activity Statement...................................................................................................................................

CBRE Strategic Partners V Investment Summary.........................................................................................................................................

CBRE Strategic Partners V Investment Activity Statement.........................................................................................................................

Dimensional Global Real Estate Portfolio Investment Summary..............................................................................................................

Dimensional Global Real Estate Portfolio Investment Activity Statement..............................................................................................

DRA Growth and Income Fund VII Investment Summary.......................................................................................................................

DRA Growth and Income Fund VII Investment Activity Statement.......................................................................................................

DRA Growth and Income Fund VIII Investment Summary......................................................................................................................

DRA Growth and Income Fund VIII Investment Activity Statement......................................................................................................

Harrison Street Core Property Fund Investment Summary........................................................................................................................

Harrison Street Core Property Fund Investment Activity Statement........................................................................................................

Heitman Real Estate Securities Investment Summary..................................................................................................................................

Heitman Real Estate Securities Investment Activity Statement..................................................................................................................

Invesco Core Real Estate-USA Investment Summary..................................................................................................................................

Invesco Core Real Estate-USA Investment Activity Statement..................................................................................................................

Jamestown Premier Property Fund Investment Summary...........................................................................................................................

Jamestown Premier Property Fund Investment Activity Statement...........................................................................................................

JP Morgan Strategic Property Fund Investment Summary..........................................................................................................................

JP Morgan Strategic Property Fund Investment Activity Statement..........................................................................................................

Lone Star Fund VII Investment Summary......................................................................................................................................................

Lone Star Fund VII Investment Activity Statement......................................................................................................................................

Lone Star Real Estate Fund II Investment Summary...................................................................................................................................

Lone Star Real Estate Fund II Investment Activity Statement...................................................................................................................

Lone Star Real Estate Fund IV Investment Summary..................................................................................................................................

Lone Star Real Estate Fund IV Investment Activity Statement..................................................................................................................

Mesa West Real Estate Income Fund III Investment Summary.................................................................................................................

Mesa West Real Estate Income Fund III Investment Activity Statement.................................................................................................

PCCP First Mortgage II Investment Summary..............................................................................................................................................

PCCP First Mortgage II Investment Activity Statement..............................................................................................................................

Prologis Targeted US Logistics Fund Investment Summary.......................................................................................................................

Prologis Targeted US Logistics Fund Investment Activity Statement.......................................................................................................

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Prudential PRISA Investment Summary.........................................................................................................................................................

Prudential PRISA Investment Activity Statement.........................................................................................................................................

Prudential PRISA II Investment Summary.....................................................................................................................................................

Prudential PRISA II Investment Activity Statement.....................................................................................................................................

TABLE OF CONTENTS

Westbrook Real Estate Fund X Investment Activity Statement.................................................................................................................

Torchlight Debt Opportunity Fund IV Investment Summary....................................................................................................................

Torchlight Debt Opportunity Fund IV Investment Activity Statement....................................................................................................

Torchlight Debt Opportunity Fund V Investment Summary.....................................................................................................................

Torchlight Debt Opportunity Fund V Investment Activity Statement.....................................................................................................

Westbrook Real Estate Fund X Investment Summary.................................................................................................................................

____________________________________________________________________________________________________



Current Portfolio Market Value:

Current Portfolio, % of Total Plan Assets:

Current Unfunded Investment Commitments:

Current Market Value + Unfunded Investment Commitments:

Target Allocation to Real Estate:

Target Real Estate, % of Total Plan Assets:

Portfolio Inception Date:

Total Number of Current Investments:

Gross Income

Appreciation

Total Gross Return

Total Net Return

Total Portfolio Internal Rate of Return:

Total Gross Return

Total Net Return

15.5% 14.8% 8.1%

16.1% -12.0% -33.1% 17.9% 17.0% 13.0% 13.8%

15.0% 16.4%

13.2% 12.1% 7.0%

17.1% -11.2% -32.4% 20.7% 19.3%

$ 670,514,256 8.2%

PORTFOLIO RETURNS - CALENDAR YEAR

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

6.8%

2.3% 7.0% 10.7% 11.8% 12.1% 12.6% 5.1%

2.7% 8.1% 12.5% 14.0% 14.4% 14.8%

5.9%

1.4% 3.5% 6.2% 7.7% 7.9% 8.4% 0.9%

1.3% 4.5% 6.1% 6.0% 6.1% 6.1%

SUMMARY OF PORTFOLIO RETURNS

(for period ended September 30, 2016)

Quarter YTD 1-Year 2-Year 3-Year 5-Year Incept.

25

EXECUTIVE SUMMARY

Los Angeles Department of Water and Power Employees' Retirement Plan

PORTFOLIO SUMMARY


670,514,256$

5.5%

357,769,476$

1,028,283,731$

977,648,576$

8.0%

2006

COURTLAND PARTNERS, LTD. PAGE 1


Vintage % of IRR ***

Investments Year Portfolio Quartile

Core 2006 1Dimensional Global RE 2013 * 3

Harrison Street Core Property 2016 * N/A

Heitman RE Securities 2013 4

Invesco Core RE USA 2011 * 3

Jamestown Premier Property 2016 * N/A

JP Morgan SPF 2007 * 1

PCCP First Mortgage II 2012 4

PRISA 2006 * 2

Prologis Targeted US Logistics 2015 * 2

Value 2007

AG CPRF III 2011 1

Almanac VI 2012 2

Almanac VII 2015 3

Bristol Value Fund II 2011 4

CBRE SP V 2007 1

DRA G&I VII 2011 3

DRA G&I VIII 2014 3

Mesa West RE Income III 2012 4

PRISA II 2007 * 2

Westbrook X 2015 N/A

Opportunistic 2010

Blackstone Europe IV 2013 3

Blackstone VII 2011 2

Lone Star VII 2010 1

Lone Star REF II 2010 1

Lone Star REF IV 2015 3

Torchlight Debt Opportunity IV 2012 3

Torchlight Debt Opportunity V 2015 3

Total Portfolio 2006

* The first year of LAWP investing in the open-ended fund.

** Exceed FTSE EPRA/NAREIT Developed Index.

8.2%

*** ITD IRR ranking based on prior-quarter Courtland Partners Index by vintage year.

10.7% 11.8% 12.1% 12.6% 5.1% 1.29

N/A N/A N/M 1.05 N/M

$670,514,256 100.0% 2.3% 7.0%

5.6% 1.07 10.7%

$3,300,453 0.5% 12.0% 4.5% 4.5% N/A N/A

26.7% 14.6% 1.53

9.5%

$6,440,982 1.0% 13.0% 9.0% 10.7% 10.0% N/A N/A N/A

6.2% 9.0% 10.7% N/A 8.5% 1.16$25,614,356 3.8% 15.0% 2.7% 4.8%

25.0% 1.79 50.3%

$1,872,485 0.3% 20% Gross 1.1% 8.4%

7.9% 1.05 11.5%

27.1%

$20,511,508 3.1% 20% Gross 7.3% 12.0% 7.9% N/A N/A N/A

12.8% 27.0% 29.2%

$1,289,399 0.2% 20% Gross -8.1% -15.6% -19.2% -1.6% 8.1% 24.3%

$21,948,263 3.3% 15.0% 3.7% 6.9% 7.3%

$24,657,191 3.7% 15.0% 2.1% 3.7% 5.6% 11.5% 16.1% N/A

4.1% 6.4% N/A N/A 4.7% 1.10

22.1% 1.47 20.0%

2.5% 1.55 5.7%

$102,334,184 15.3% 3.6% 6.0% 5.7% 10.7%

$36,248,802 5.4% 9.0% 2.1% 7.0% 11.5% 13.3% 13.8% 13.3%

14.2% 20.9% 18.3% 1.27 18.6%

18.2%28.2% 20.3%

6.8% N/A 3.7% 1.16 9.0%$18,206,308 2.7% 12.0% 2.7% 7.3% 10.0% 9.9%

5.9% 1.09 10.6%

$22,103,923 3.3% 12.0% 4.3% 8.2%

$16,522,843 2.5% 12.0% 7.4% 21.3%

12.7%11.6% 11.2% N/A N/A 11.9% 1.10

19.9% 16.9% 16.9% 1.62

$11,318,686 1.7% 18.0% 0.3% 0.9%

16.3% 1.36 17.6%

$8,841,744 1.3% 12.0% 2.3% 5.6% 11.5% N/A

8.3%5.4% 8.3% 14.7% N/A 7.9% 1.10

N/A N/A

$8,810,242 1.3% 12.0% 3.7% 8.3% 28.3% 18.1% 19.2% N/A

3.2% 1.35 11.3%

$12,147,425 1.8% 13% Gross 2.7% 14.5% 24.5%35.0% 32.7% 30.9% N/A 21.9% 1.69

$137,500,426 20.5% 3.2% 9.2% 16.6% 14.8% 14.5% 14.6%

$80,060,160 11.9% 8.0% 1.7% 5.6% 4.3%

$30,054,499 4.5% 9.0% 2.9% 8.3% 13.2% N/A N/A N/A

8.7% 11.9% 12.0% 11.6% 4.2% 1.48

13.7% 1.20 16.9%

4.5% 1.45 4.7%

$7,170,193 1.1% 7.5% Gross 1.5% 4.6% 6.2% 6.3% 6.3% N/A 6.0% 1.13 6.3%

$74,543,156 11.1% 8.0% 1.8% 5.3% 8.6% 11.0% 11.0% 11.6%

10.9% 1.56 11.7%

$58,570,663 8.7% 8.0% 2.8% 5.3% N/MN/A N/A N/A N/A N/M 1.05

$58,982,759 8.8% NCREIF+1% 1.5% 6.2% 8.6% 11.7% 11.5% 11.0%

N/M

$28,354,493 4.2% ** 1.0% 9.0% 14.0% 8.8% 7.0% N/A

N/A N/A N/A N/A N/M 1.06$62,873,586 9.4% 9.0% 1.4% 6.9%

7.0% 1.22 8.2%

7.7% 1.30 9.9%

6.2%

$30,070,136 4.5% ** -0.1% 12.5% 17.7% 11.6% 11.2% N/A

10.0% 11.1% 10.9% 10.7% 4.4% 1.27$430,679,646 64.2% 1.7% 6.6%

Market Value Returns Quarter YTD

SUMMARY OF PORTFOLIO INVESTMENT NET RETURNS

(for period ended September 30, 2016)Target Total Net Returns Equity ITD

3-yr 5-yr Incept. Multiple IRR1-yr 2-yr

-3.0% 1.42 16.2%$0 0.0% 11.5% -15.7% -16.3% -11.1% -4.9% -9.2% -3.4%



The Courtland Partners Index ("CPI") refers to investments reported in Courtland's Quarterly Performance Measurement

databases. It contains 394 realized investments and 475 active pooled funds, separate accounts, direct investments, and real estate

securities in which public and ERISA pension funds, endowments and/or foundations currently have investments since 1971. The

CPI has a total net asset value of $396.6 billion with a total gross real estate value of $692.2 billion and 36.6% leverage weighted by

the market value of Courtland's clients. It includes three risk/return categories: 55% core, 21% value and 24% opportunistic. The

CPI differs from NCREIF because it includes leverage and higher risk/return investments (i.e., value and opportunistic). It cannot

be finalized until all of its members submit their data; therefore, the prior quarter is shown above.

The Fund outperformed the NCREIF + 50 bps by 0.8%, 1.6%, 2.8%, 2.2%, 2.6% and 3.1% for the current quarter, year-to-date,

one-, two-, three- and five-year periods, respectively. It underperformed the NCREIF + 50 bps by 0.9% for the since inception

period.

13.2% 6.0%

* The Courtland Partners Index returns have been weighted to match LA WPERP's current risk return profile.

PORTFOLIO PERFORMANCE COMMENTS


The National Council of Real Estate Investment Fiduciaries (“NCREIF”) Property Index contains 7,371 U.S.-only commercial real

estate investments with total net market value of approximately $516.4 billion. It provides un-leveraged, property-level return data

dating back to 1977. Individual components of the NCREIF Property Index include office, retail, industrial, apartment and hotel

properties and are well diversified by geographic region.

Weighted Courtland * 3.0% 5.4% 12.6% 14.0% 14.3%

15.0% 6.7%

Courtland 2.9% 5.3% 12.4% 14.1% 15.0% 13.7% 5.9%

LA WPERP 2.7% 5.3% 13.3% 13.8% 14.6%

Total Gross Returns vs. Courtland Index (for the period ended June 30, 2016)

Quarter YTD 1-Yr 2-Yr 3-Yr 5-Yr Inception

TOTAL GROSS RETURNS vs. BENCHMARKS


Quarter YTD 1-yr. 2-yr. 3-yr. 5-yr. Inception

LA WPERP 2.7% 8.1% 12.5% 14.0% 14.4% 14.8% 6.8%

NCREIF+50 bps 1.9% 6.5% 9.7% 11.8% 11.8% 11.7% 7.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%



Current Qtr Current Qtr

Investments Contributions Distributions

Core 3,020,428$ (9,571,348)$

Dimensional Global RE -$ -$

Harrison Street Core Property 888,544$ (789,022)$

Heitman RE Securities 45,291$ -$

Invesco Core RE USA 486,873$ (492,951)$

Jamestown Premier Property 747,084$ (4,303,206)$

JP Morgan SPF 179,855$ (179,872)$

PCCP First Mortgage II 394,480$ (3,535,779)$

PRISA -$ -$

Prologis Targeted US Logistics 278,301$ (270,518)$

Value 5,332,285$ (6,068,963)$

AG CPRF III -$ (1,257,682)$

Almanac VI 379,348$ (223,141)$

Almanac VII 1,099,806$ (59,864)$

Bristol Value Fund II 695,236$ (1,024,032)$

CBRE SP V -$ (7,166)$

DRA G&I VII -$ (1,109,463)$

DRA G&I VIII -$ (683,827)$

Mesa West RE Income III -$ (1,703,788)$

Mesa West RE Income IV -$ -$

PRISA II -$ -$

Westbrook X 3,157,895$ -$

Opportunistic 10,182,244$ (4,184,096)$

Blackstone Europe IV 1,407,344$ (206,709)$

Blackstone VII 70,545$ (1,989,918)$

Lone Star VII -$ (52,100)$

Lone Star REF II (162,376)$ (154,349)$

Lone Star REF IV 7,366,730$ (1,426,409)$

Lone Star REF V -$ -$

Torchlight Debt Opportunity IV -$ (354,612)$

Torchlight Debt Opportunity V 1,500,000$ -$

Total Portfolio 18,534,956$ (19,824,407)$ 670,514,256$ 100.0% 943,781,274$ 357,769,476$ 100.0%

7/16 3,300,453$ 0.5% 60,000,000$ 56,842,105$ 5.8%

6/15 6,440,982$ 1.0% 30,000,000$ 24,000,000$ 3.0%

7/13 25,614,356$ 3.8% 25,000,000$ -$ 2.5%

N/A -$ 0.0% 92,659,641$ 92,659,641$ 9.0%

10/15 20,511,508$ 3.1% 48,521,633$ 27,707,823$ 4.7%

6/11 1,872,485$ 0.3% 10,000,000$ 1,139,017$ 0.3%

6/11 1,289,399$ 0.2% 10,000,000$ 616,355$ 0.2%

6/12 24,657,191$ 3.7% 25,000,000$ 4,537,063$ 2.8%

1/14 21,948,263$ 3.3% 25,000,000$ 5,197,377$ 2.6%

102,334,184$ 15.3% 266,181,274$ 155,857,276$ 25.1%

6/07 36,248,802$ 5.4% 21,500,000$ -$ 3.5%

N/A -$ 0.0% 60,000,000$ 60,000,000$ 5.8%

9/13 18,206,308$ 2.7% 25,000,000$ 7,404,147$ 2.5%

9/14 22,103,923$ 3.3% 25,000,000$ 4,011,834$ 2.5%

11/11 16,522,843$ 2.5% 16,100,000$ 879,060$ 1.7%

6/08 -$ 0.0% 20,000,000$ -$ 0.0%

3/12 11,318,686$ 1.7% 25,000,000$ 14,671,001$ 2.5%

4/15 8,841,744$ 1.3% 30,000,000$ 21,908,715$ 3.0%

6/12 8,810,242$ 1.3% 20,000,000$ 13,179,546$ 2.1%

2/12 12,147,425$ 1.8% 20,000,000$ 4,253,060$ 1.6%

137,500,426$ 20.5% 322,600,000$ 183,149,468$ 31.2%

4/15 30,054,499$ 4.5% 25,000,000$ -$ 2.9%

6.1%

5.7%

3.0%

12/06 80,060,160$ 11.9% 50,000,000$ -$ 7.8%

6/12 7,170,193$ 1.1% 25,000,000$ 14,502,731$ 2.1%

7.2%

1/16 58,570,663$ 8.7% 60,000,000$ -$ 5.7%

10/07 74,543,156$ 11.1% 50,000,000$ -$

355,000,000$ 18,762,731$

7/11 58,982,759$ 8.8% 35,000,000$ -$

10/13 28,354,493$ 4.2% 25,000,000$ 2,130,000$

2,130,000$

1/16 62,873,586$ 9.4% 60,000,000$ -$

43.7%

3/13 3.1%30,070,136$ 4.5% 25,000,000$

R ISK /R ETURN R EVIEW

RISK/RETURN REVIEW - MARKET VALUES AND INVESTMENT COMMITMENTS


Investment Commitments Summary

Market Value

% of

Portfolio

Original Unfunded % of Potential

Inception Commitment Commitment Exposure

430,679,646$ 64.2%



Note: All totals may not sum to 100% due to rounding.

SUMMARY OF PORTFOLIO RISK/RETURN PROFILE

Weighted by

Market Value Potential Exposure

RISK/RETURN COMMENTS

The investment plan approved by the Board calls for a Core-Plus portfolio with up to 70% of the real estate portfolio in Core, 20% in Value and 10% in Opportunistic.

The Portfolio is heavily weighted towards Core investment at 64% while the WPERP's Policy states that Core should have a 70% allocation. The potential exposure,

including unfunded commitments, will bring Core to 44% and Value to 31%. Courtland generally expects Core real estate to generate a return of 7%, Value a return of

12% and Opportunistic a return of 15%.

Core 64.2%

Value 20.5%

Opp. 15.3%

Core 43.7%

Value 31.2%

Opp. 25.1%




PORTFOLIO DIVERSIFICATION COMMENTS

The portfolio is heavily weighted in office and is 1.8% lower than NCREIF. The portfolio is overweighted to hotel by 2.3%. It is

underweighted in industrial, retail, and residential when compared to NCREIF by 0.9%, 6.5%, and 2.3%, respectively.

PROPERTY TYPE DIVERSIFICATION vs. BENCHMARKS


P ORTFOLIO C OMPOSITION R EVIEW

PORTFOLIO PROPERTY TYPE DIVERSIFICATION


34.8%

13.2%

16.9%

22.5%

3.3%

9.3%

36.6%

14.1%

23.4%

24.8%

1.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Office Industrial Retail Resid'l Hotel Other

LA WPERP NCREIF

Office 34.8%

Industrial 13.2%

Retail 16.9%

Resid'l 22.5%

Hotel 3.3%

Healthcare 0.3%

Land 0.5%

Storage 2.8%

Mixed Use 1.5%

Other 4.2%

Other 9.3%



Investment Public Equity Private Equity Public Debt Private Debt

AG CPRF III 0.0% 99.4% 0.6% 0.0%

Almanac VI 32.5% 1.5% 0.0% 66.0%

Almanac VII 0.0% 34.0% 0.0% 66.0%

Blackstone Europe IV 2.2% 86.7% 0.0% 11.1%

Blackstone VII 0.1% 98.0% 0.0% 1.9%

Bristol Value Fund II 0.0% 100.0% 0.0% 0.0%

Dimensional Global RE 100.0% 0.0% 0.0% 0.0%

DRA G&I VII 0.0% 100.0% 0.0% 0.0%

DRA G&I VIII 0.0% 100.0% 0.0% 0.0%

Harrison Street Core Property 0.0% 100.0% 0.0% 0.0%

Heitman RE Securities 100.0% 0.0% 0.0% 0.0%

Invesco Core RE USA 0.0% 100.0% 0.0% 0.0%

Jamestown Premier Property 0.0% 93.9% 0.0% 6.1%

JP Morgan SPF 0.0% 99.8% 0.0% 0.2%

Lone Star VII 0.0% 0.0% 0.0% 100.0%

Lone Star REF II 0.0% 49.0% 0.0% 51.0%

Lone Star REF IV 0.0% 0.0% 0.0% 100.0%

Mesa West RE Income III 0.0% 0.0% 0.0% 100.0%

PCCP First Mortgage II 0.0% 0.0% 0.0% 100.0%

PRISA 0.0% 99.5% 0.0% 0.5%

PRISA II 0.0% 97.6% 0.0% 2.4%

Prologis Targeted US Logistics 0.0% 100.0% 0.0% 0.0%

Torchlight Debt Opportunity IV 0.0% 17.2% 51.6% 31.2%

Torchlight Debt Opportunity V 0.0% 4.6% 76.7% 18.7%

Westbrook X 0.0% 100.0% 0.0% 0.0%

Weighted Total 9.2% 76.6% 2.7% 11.5%

INVESTMENT CAPITAL STRUCTURE REVIEW


INVESTMENT STRUCTURE DIVERSIFICATION


Public Equity 9.2%

Private Equity 76.6%

Public Debt 2.7%

Private Debt 11.5%




PORTFOLIO DIVERSIFICATION COMMENTS

The Portfolio geographic diversification is comparable to NCREIF with both most heavily weighted toward the West and East

regions. They are 3.6% and 9.3% lower than NCREIF, respectively.

GEOGRAPHIC DIVERSIFICATION vs. BENCHMARKS


PORTFOLIO GEOGRAPHIC DIVERSIFICATION


29.6%

8.5%

19.0%

28.6%

3.6%

10.7%

33.2%

9.0%

19.9%

37.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

East Midwest South West US Not Allocated Foreign

LA WPERP NCREIF

East 29.6%

Midwest 8.5%

South 19.0%

West 28.6%

US Not Allocated 3.6%

Foreign 10.7%



* When all commitments are funded.

PORTFOLIO PARTNER/MANAGER CONCENTRATION

CURRENT INVESTMENTS

PORTFOLIO PARTNER/MANAGER CONCENTRATION

POTENTIAL EXPOSURE*

Lone Star 14.2%

PGIM 11.3%

Mesa West 8.3%

JP Morgan 7.2%

Harrison Street 6.1%

Westbrook 5.8%

Invesco 5.7%

Jamestown 5.7%

Blackstone 5.5%

Torchlight 5.5%

Almanac 5.1%

DRA 4.2%

Dimensional 3.1%

Heitman 3.0%

Prologis 2.9%

Bristol 2.5%

PCCP 2.1%

Angelo Gordon 1.6%

PGIM 17.3%

JP Morgan 11.1%

Harrison Street 9.4%

Invesco 8.8% Jamestown

8.7%

Blackstone 7.0%

DRA 5.8%

Torchlight 4.8%

Dimensional 4.5%

Prologis 4.5%

Heitman 4.2%

Lone Star 3.5%

Mesa West 2.7%

Almanac 2.6%

Angelo Gordon 1.8%

Bristol 1.7%

PCCP 1.1%

Westbrook 0.5%



Managers $ % Managers $ %

PGIM $116,308,962 17.3% Lone Star $145,796,228 14.2%

JP Morgan $74,543,156 11.1% PGIM $116,308,962 11.3%

Harrison Street $62,873,586 9.4% Mesa West $85,610,455 8.3%

Invesco $58,982,759 8.8% JP Morgan $74,543,156 7.2%

Jamestown $58,570,663 8.7% Harrison Street $62,873,586 6.1%

Blackstone $46,605,454 7.0% Westbrook $60,142,558 5.8%

DRA $38,626,766 5.8% Invesco $58,982,759 5.7%

Torchlight $32,055,338 4.8% Jamestown $58,570,663 5.7%

Dimensional $30,070,136 4.5% Blackstone $56,339,894 5.5%

Prologis $30,054,499 4.5% Torchlight $56,055,338 5.5%

Heitman $28,354,493 4.2% Almanac $52,740,247 5.1%

Lone Star $23,673,392 3.5% DRA $43,517,660 4.2%

Mesa West $18,206,308 2.7% Dimensional $32,200,136 3.1%

Almanac $17,651,986 2.6% Heitman $30,484,493 3.0%

Angelo Gordon $12,147,425 1.8% Prologis $30,054,499 2.9%

Bristol $11,318,686 1.7% Bristol $25,989,687 2.5%

PCCP $7,170,193 1.1% PCCP $21,672,924 2.1%

Westbrook $3,300,453 0.5% Angelo Gordon $16,400,485 1.6%

Total $670,514,256 100.0% Total $1,028,283,731 100.0%Note: All totals may not sum to 100% due to rounding.

PORTFOLIO MANAGER COMMENTS

When fully invested, the Portfolio manager concentration will remain within policy guidelines. Per the Real Estate Investment Policy,

no single investment management organization shall manage more than 40% of the market value of the plan allocation.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

Current Investments Current Investments and Remaining Commitments



Investment Market Value Leverage

Lone Star REF IV Opportunistic $20,511,508 83.8%

Westbrook X Value $3,300,453 80.4%

Mesa West RE Income III Value $18,206,308 70.0%

DRA G&I VIII Value $22,103,923 69.3%

Blackstone VII Opportunistic $24,657,191 63.5%

Lone Star VII Opportunistic $1,289,399 63.4%

Blackstone Europe IV Opportunistic $21,948,263 62.7%

DRA G&I VII Value $16,522,843 62.7%

AG CPRF III Value $12,147,425 57.3%

Torchlight Debt Opportunity V Opportunistic $6,440,982 54.7%

Lone Star REF II Opportunistic $1,872,485 37.1%

Jamestown Premier Property Core $58,570,663 35.9%

Bristol Value Fund II Value $11,318,686 35.5%

PRISA II Value $36,248,802 29.0%

Prologis Targeted US Logistics Core $30,054,499 27.5%

Invesco Core RE USA Core $58,982,759 26.4%

JP Morgan SPF Core $74,543,156 26.3%

Harrison Street Core Property Core $62,873,586 26.2%

PRISA Core $80,060,160 22.8%

Torchlight Debt Opportunity IV Opportunistic $25,614,356 16.5%

Dimensional Global RE Core $30,070,136 0.0%

Heitman RE Securities Core $28,354,493 0.0%

Almanac VII Value $8,841,744 N/A

Almanac VI Value $8,810,242 N/A

PCCP First Mortgage II Core $7,170,193 N/A

* Core $430,679,646 23.0%

* Value $137,500,426 45.5%

* Opportunistic $102,334,184 54.6%

* Total $670,514,256 32.4%

* Weighted by market value.

INVESTMENT LEVERAGE REVIEW





The Portfolio is within policy guidelines, which allows for a total leverage limit of 50% across the entire portfolio and a core portfolio

leverage of 40% or less.


PORTFOLIO LEVERAGE COMMENTS*LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart.

*LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Lone Star REF IV

Westbrook X

Mesa West RE Income III

DRA G&I VIII

Blackstone VII

Lone Star VII

Blackstone Europe IV

DRA G&I VII

AG CPRF III

Torchlight Debt Opportunity V

Lone Star REF II

Jamestown Premier Property

Bristol Value Fund II

PRISA II

Prologis Targeted US Logistics

Invesco Core RE USA

JP Morgan SPF

Harrison Street Core Property

PRISA

Torchlight Debt Opportunity IV

Dimensional Global RE

Heitman RE Securities

Debt Equity

*LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart. *LEM, Cherokee, CrossHarbor, and Warburg Pincus had less than 1% of portfolio and are not included in chart. *RMK Timberland had less than 1% of portfolio and is not included in chart.



58,378,631 36,042,066


Total 687,808,336 (43,267,875) (126,201,005) (92,340,864) 106,827,092

670,514,256

2,384,753 656,851,417

Q3-16 18,534,956 (2,752,626) (9,819,541) (10,004,867) 6,504,624 4,576,307 3,871,359

2,521,488 2,947,473 629,702,746

Q2-16 25,767,847 (2,278,479) (8,068,721) (6,008,124) 8,403,140 4,669,776

Q1-16 126,517,952 (1,772,326) (5,120,575) (7,785,420) 7,782,434

Q4-15 31,527,872 (2,845,019) (3,464,131) (7,533,728) 5,548,567 10,184,429 898,410 502,839,394

Q3-15 12,567,542 (2,099,427) (10,137,521) (6,135,380) 4,828,372 7,670,462 1,186,106 465,677,975

1,485,532 4,382,402 413,572,503

Q2-15 38,635,679 (4,502,344) (1,349,901) (5,887,518) 2,488,215 5,402,208

Q1-15 6,647,336 (1,533,221) (5,121,025) (6,766,371) 5,281,288

2,837,208 455,698,394

Q4-14 14,743,810 (2,184,347) (13,816,332) (6,463,337) 6,671,449 7,029,835 2,860,215 407,663,341

Q3-14 24,549,664 (1,814,575) (6,296,138) (4,002,215) 2,796,674 3,390,131 1,093,103 396,637,701

3,254,735 697,543 345,770,235

Q2-14 21,765,443 (1,974,101) (3,558,264) (3,268,940) 5,501,701 7,750,794

Q1-14 23,441,558 (1,450,780) (5,084,778) (3,250,758) 4,621,280

1,145,513 375,106,482

Q4-13 31,172,690 (2,016,674) (8,932,072) (6,988,213) 3,947,880 6,913,618 608,514 322,090,656

Q3-13 29,603,737 (1,827,465) (8,272,660) (4,211,795) 2,935,225 2,536,387 1,976,863 295,368,238

4,898,285 640,430 267,810,118

Q2-13 10,567,685 (1,584,580) (14,149,357) (2,597,848) 2,969,301 4,373,729

Q1-13 13,154,041 (1,302,364) (8,247,515) (1,742,328) 3,411,078

1,826,853 270,800,481

Q4-12 16,524,063 (1,319,615) (2,315,711) (1,421,383) 2,695,592 6,560,920 929,149 255,696,128

Q3-12 14,173,010 (1,048,948) (2,557,063) (1,191,564) 2,655,426 2,805,404 1,258,921 232,723,497

2,758,192 151,257 192,118,951

Q2-12 20,175,295 (729,161) (470,302) (1,228,540) 2,413,732 2,693,649

Q1-12 9,479,169 (756,563) (2,325,600) (734,559) 2,057,796

(123,423) 215,579,363

Q4-11 29,893,471 (860,863) (4,735,179) (885,703) 2,037,220 3,646,628 371,668 180,732,695

Q3-11 13,631,750 (379,819) (1,013,385) (1,220,598) 1,568,304 590,480 2,701,298 150,404,590

3,308,491 22,152 121,289,439

Q2-11 6,832,414 (1,105,246) - (460,470) 1,159,656 5,232,222

Q1-11 253,954 (379,458) - (365,925) 1,424,965

93,481 134,146,742

Q4-10 5,379,030 (777,581) (1,345,233) (1,069,697) 1,363,554 4,784,534 1,128,802 116,645,804

Q3-10 7,216,313 (447,136) - (111,652) 1,197,183 3,815,162 3,004 106,404,814

(747,121) 122 85,010,307

Q2-10 4,830,500 (320,357) - (85,152) 1,089,573 3,436,798

Q1-10 3,380,115 (735,260) - (87,819) 500,651

2,779 94,284,805

Q4-09 4,235,614 (198,519) - (94,988) 1,183,917 (4,202,305) 9,330 81,964,358

Q3-09 914,092 (205,598) - (101,173) 1,336,763 (8,317,072) 10 80,832,791

(18,895,166) 3,580 95,346,882

Q2-09 1,329,130 (209,066) - (117,220) 1,402,331 (10,960,760)

Q1-09 3,207,778 (251,441) - (128,697) 1,154,397

(193) 87,000,171

Q4-08 277,181 (267,008) - (130,582) 1,238,148 (17,000,335) (12,123) 110,004,989

Q3-08 2,499,888 (286,956) - (129,786) 1,281,080 (1,899,523) 3,346 125,632,700

(585,856) - 120,384,029

Q2-08 2,994,570 (268,510) - (128,514) 1,178,634 (548,584)

Q1-08 1,232,781 (265,545) - - 1,365,912

(2,439) 123,877,695

Q4-07 52,687,074 (256,564) - - 1,387,748 967,323 144,599 118,371,192

Q3-07 3,028,332 (125,332) - - 674,538 1,699,930 - 63,184,449

256,116 - 50,404,256

Q2-07 4,411,923 (111,923) - - 643,682 2,321,789

Q1-07 40,023,079 (23,079) - - 125,061

- 57,781,649

Q4-06 10,000,000 - - - - - - 10,000,000

Total Portfolio

Investment Activity Statement

Qtr.

Gross Return of Net Unrealized Realized Ending

Contributions Fees Capital Distributions Income Appreciation Gain Market Value



Fund-Level Information Client-Level Information

Legal Structure: Risk/Return:

Inception Date: Equity Value:

Investment Ends: % Ownership of Fund:

No. of Investments: % of Portfolio:

Target Return: Client Investment Date:

NAV + Debt: Investment Commitment:

Net Asset Value: Remaining Commitment:

Leverage Ratio: Contributions:

Investment Strategy: Distributions/Ret. Of Cap:

Net Internal Rate of Return:

Equity Multiple:

Since Inception


21.9% 7.3% 20.6% 29.0% 11.6%

Property Type Diversification Geographic Diversification

Five-Year N/A N/A N/A N/A N/A

43.4%

11.8%

Two-Year 32.7% 7.0% 31.9% 40.5% 11.8%

Three-Year 30.9% 7.1% 30.2% 38.9%

9.7%One-Year 35.0%

1.9%

Year-to-Date 14.5% 5.4% 12.2% 18.0% 6.5%

Quarter 2.7% 1.7% 1.8% 3.5%

6.5%

(After Fees) Income Appreciation

35.1%

Total Gross Total

Summary of Performance(for period ended September 30, 2016)

LA WPERP NCREIF

Net Total Gross Gross Gross + 50 bps

AG CPRF III

$1,665,002,758 $20,000,000

$710,819,011 $4,253,060

57.3% $19,093,901

Focus on office, industrial, multi-family

and retail properties in major metropolitan

markets where it can enhance value.

$20,177,239

24.5%

1.69

1/2015 2.0%

18 1.8%

13% Gross 2/2012

2/2011 $12,147,425

AG Core Plus Realty Fund IIIPartner/Manager: Angelo Gordon

Limited Partnership Value

East 22.3%

Midwest 6.5%

South 29.2%

West 34.6%

US Not Allocated

0.6%

Foreign 6.8%

Office 47.2%

Retail 21.7%

Resid'l 31.0%

Other 0.1%


Public Debt 0.6%

Investment Structure Diversification



3,510,549 6,765,768


Total 19,093,901 (3,355,061) (8,318,060) (11,859,179) 2,954,446

12,147,425

154,742 13,063,978

Q3-16 - (94,982) (559,500) (698,182) 173,452 (122,366) 290,043

(2,393,783) 2,451,071 13,339,314

Q2-16 - (248,525) (760,500) (705,485) 212,430 823,477

Q1-16 200,000 (83,432) (432,000) (2,268,000) 208,754

Q4-15 600,000 (501,206) (1,615,000) (1,944,506) 102,790 1,609,809 882,691 15,573,272

Q3-15 1,000,000 (146,697) (336,000) (871,808) 248,699 (480,340) 796,283 15,937,488

(645,288) 838,422 15,309,573

Q2-15 600,000 (423,655) (210,000) (2,298,412) 232,590 461,802

Q1-15 900,000 (115,822) (1,558,000) (1,700,444) 208,303

1,485,101 15,580,654

Q4-14 700,000 (244,554) (500,000) (507,808) 272,130 769,273 84,986 17,266,580

Q3-14 1,550,000 (149,587) (400,000) (7,308) 173,001 478,310 (104,644) 16,447,999

(71,871) 25,306 14,081,964

Q2-14 - (243,122) (256,372) (151,776) 233,680 996,757

Q1-14 1,750,000 (91,269) (1,180,266) (584,151) 258,926

(145,613) 14,758,640

Q4-13 - (435,072) - - 130,030 1,424,736 (18,600) 13,884,020

Q3-13 1,700,000 (79,681) - (6,246) 182,209 48,771 14,621 12,347,854

174,462 577 9,123,714

Q2-13 1,500,000 (133,808) (510,422) (99,322) 174,357 214,860

Q1-13 - (48,420) - - 155,610

5,312 10,408,499

Q4-12 2,300,000 (45,056) - (15,731) 72,277 132,566 (3) 8,793,065

Q3-12 1,293,901 (44,691) - - (47,747) 27,628 44 6,303,956

17,389 (731) 4,144,369

Q2-12 800,000 (42,535) - - 35,244 44,357

Q1-12 4,200,000 (182,947) - - (72,289)

6,160 5,030,130

AG Core Plus Realty Fund III


Qtr.
















Equity Multiple:

Since Inception


16.3% 8.8% 12.5% 22.0% 11.6%



36.7%

11.8%

Two-Year 18.1% 6.6% 16.5% 23.9% 11.8%

Three-Year 19.2% 7.4% 17.6% 25.9%

9.7%One-Year 28.3%

1.9%

Year-to-Date 8.3% 4.7% 6.3% 11.2% 6.5%

Quarter 3.7% 1.7% 3.3% 4.9%

6.9%


28.4%

Total Gross Total


LA WPERP NCREIF


Almanac VI

N/A $20,000,000

$390,761,096 $13,179,546

N/A $12,221,049

Private placements of growth capital into

REITs and REOCs in convertible

preferred stock or debentures.

$7,824,531

17.6%

1.36

11/2016 2.4%

4 1.3%

12.0% 6/2012

1/2012 $8,810,242

Almanac Realty Securities VIPartner/Manager: Almanac Realty Investors


East 16.4%

Midwest 21.9%

South 48.8%

West 13.0%

Office 13.5%

Industrial 2.1%

Retail 7.6%

Resid'l 27.5%

Hotel 39.0%

Other 10.2%

Public Equity 32.5%

Private Equity 1.5%

Private Debt 66.0%




1,837,079 996,326


Total 12,221,049 (1,564,951) (5,384,813) (2,439,718) 1,580,318

8,810,242

185,770 8,342,117

Q3-16 379,348 (102,550) (88,642) (134,499) 122,902 189,016 -

47,474 - 8,962,926

Q2-16 - (104,174) (573,043) (273,472) 118,516 (78,580)

Q1-16 757,974 (30,482) - (112,143) 109,956

Q4-15 558,498 (288,779) - (86,648) 124,566 1,093,411 - 8,159,665

Q3-15 433,506 (31,654) - (97,714) 78,631 132,438 - 6,469,838

(117,242) - 5,359,488

Q2-15 546,097 (23,386) - (17,400) 62,758 (27,966)

Q1-15 300,081 15,360 (193,933) (143,086) 22,776

- 5,922,977

Q4-14 - (254,343) (4,460,561) (862,653) 90,810 (284,615) 774,017 5,490,892

Q3-14 115,987 (39,987) (68,634) (154,326) 120,524 (108,675) 33,275 10,233,894

126,274 - 8,447,579

Q2-14 1,928,988 (57,905) - (193,092) 134,317 (22,049)

Q1-14 1,449,143 (111,105) - (65,388) 175,968

- 10,295,743

Q4-13 266,455 (306,588) - (56,829) 64,862 774,246 - 6,761,582

Q3-13 741,346 (32,607) - (27,282) 65,422 (45,919) - 5,712,848

307,907 - 4,893,824

Q2-13 246,164 (116,834) - (36,692) 42,308 (166,323)

Q1-13 85,953 (49,316) - (158,209) 70,566

- 4,979,281

Q4-12 2,787,192 (30,601) - (17,021) 117,509 17,682 - 4,587,607

- 490,361

Q3-12 1,136,603 - - (3,264) 55,280 - 3,264

Q2-12 487,714 - - - 2,647 -

1,682,244

Almanac Realty Securities VI


Qtr.
















Equity Multiple:

Since Inception


5.9% 9.0% 5.2% 14.6% 11.0%



18.3%

N/A

Two-Year N/A N/A N/A N/A N/A

Three-Year N/A N/A N/A N/A

9.7%One-Year 11.5%

1.9%

Year-to-Date 5.6% 7.5% 2.3% 9.9% 6.5%

Quarter 2.3% 2.8% 0.9% 3.7%

9.8%


7.9%

Total Gross Total


LA WPERP NCREIF


Almanac VII

N/A $30,000,000

$375,167,507 $21,908,715

N/A $8,331,033

Invest in private or public real estate

companies structured as preferred equity,

convertible debt, or common equity.

$240,340

10.6%

1.09

5/2019 2.4%

4 1.3%

12.0% 4/2015

11/2014 $8,841,744

Almanac Realty Securities VIIPartner/Manager: Almanac Realty Investors


East 40.5%

Midwest 18.2%

South 26.4%

West 14.8%

Office 18.6%

Industrial 9.5%

Resid'l 68.7%

Hotel 3.2%


Private Debt 66.0%




473,442 -


(592) 277,609 Total 8,331,033 (569,146) (239,748)

8,841,744

- 7,623,404

Q3-16 1,099,806 (107,655) (59,864) - 121,229 57,169 -

7,043,466

Q2-16 487,414 (82,988) (47,969) - 73,160 67,333

Q1-16 138,109 (102,189) (131,915) - 52,806 31,755 -

55,206 317,185 - 6,952,711

7,523 - -

Q4-15 446,281 (140,698) - -

- - 6,134,039 Q3-15 4,311,998 (94,520)

Q2-15 1,847,425 (41,096) - (592) -

Ending


- 1,814,518 (32,315)

Almanac Realty Securities VII


Qtr.

Gross Return of Net Unrealized Realized














Equity Multiple:

Since Inception


4.7% 1.3% 10.8% 12.2% 11.9%



7.5%

N/A

Two-Year 6.4% 3.0% 9.3% 12.5% 11.8%


9.7%One-Year 4.1%

1.9%

Year-to-Date 6.9% 1.6% 7.7% 9.4% 6.5%

Quarter 3.7% 0.4% 4.4% 4.8%

2.2%


5.2%

Total Gross Total


LA WPERP NCREIF


Blackstone Europe IV

$20,295,984,710 $25,000,000

$7,565,009,830 $5,197,377

62.7% $23,088,117

Reposition well-located, institutional-

quality properties suffering from

inefficiency for subsequent sale at

premium pricing.

$3,557,453

7.3%

1.10

3/2019 0.3%

60 3.3%

15.0% 1/2014

9/2013 $21,948,263

Blackstone Real Estate Partners Europe IVPartner/Manager: Blackstone

Limited Partnership Opportunistic

East 0.3%

West 0.4%

Foreign 99.3%

Office 27.0%

Industrial 32.8%

Retail 15.5%

Resid'l 20.9%

Hotel 2.3%

Healthcare 0.8% Other

0.6%

Public Equity 2.2%


Private Debt 11.1%




* Management fees revised

2,202,666 372,021


Total 23,088,117 (2,066,687) (2,229,454) (1,327,999) (157,088)

21,948,263

47,788 19,977,895

Q3-16 1,407,344 (224,269) (45,256) (161,453) (3,409) 711,259 61,882

813,943 98,469 20,750,298

Q2-16 206,300 (104,673) (489,511) (211,450) 69,912 (395,441)

Q1-16 1,193,442 (153,761) (297,734) (182,992) (16,318)

Q4-15 3,727,403 (155,763) (259,784) (124,775) 1,902 (480,674) 1,575 19,141,487

Q3-15 1,261,463 (276,874) (106,799) (204,232) 84,590 741,910 25,893 16,275,840

(661,720) (2,352) 11,348,430

Q2-15 1,829,274 (287,526) (6,363) (156,111) 51,116 1,408,018

Q1-15 846,012 (214,539) (23,946) (94,131) 2,733

(1,348) 14,473,015

Q4-14 2,393,173 (204,779) (469,087) (116,856) (35,779) (301,559) 77,635 11,281,833

Q3-14 2,363,528 (189,428) (363,556) (49,033) (85,535) (80,880) 40,818 9,734,306

39,737 12,504 3,724,065

Q2-14 3,810,050 (154,033) (26,136) (13,949) (2,298) 408,076

Q1-14* 4,050,128 (101,042) (141,283) (13,018) (224,003)

9,158 7,908,965

Blackstone Real Estate Partners Europe IV


Qtr.
















Equity Multiple:

Since Inception


22.1% 3.3% 28.4% 32.4% 11.6%



8.2%

11.8%

Two-Year 11.5% 3.3% 12.4% 15.9% 11.8%

Three-Year 16.1% 3.0% 18.8% 22.2%

9.7%One-Year 5.6%

1.9%

Year-to-Date 3.7% 2.5% 2.9% 5.5% 6.5%

Quarter 2.1% 1.1% 1.8% 2.9%

3.3%


4.7%

Total Gross Total


LA WPERP NCREIF


Blackstone VII

$38,110,470,447 $25,000,000

$13,926,972,085 $4,537,063

63.5% $28,316,925

Public-to-private transactions, large

private transactions, recovering office

markets, hotel repositioning and

international investments.

$16,972,349

20.0%

1.47

2/2017 0.2%

131 3.7%

15.0% 6/2012

8/2011 $24,657,191

Blackstone Real Estate Partners VIIPartner/Manager: Blackstone

Delaware Limited Partnership Opportunistic

East 8.1%

Midwest 8.1%

South 19.9%

West 35.9%

Foreign 27.9%

Office 22.6%

Industrial 5.8%

Retail 11.0%

Resid'l 34.5%

Hotel 25.3%

Other 0.8%

Public Equity 0.1%


Private Debt 1.9%




* Management fees revised

6,846,306 5,596,617


Total 28,316,925 (4,837,188) (8,811,322) (8,161,027) 869,692

24,657,191

195,564 26,043,915

Q3-16 70,545 (202,478) (911,155) (1,078,763) 199,518 (494,772) 827,903

(407,116) 340,281 26,164,733

Q2-16 150,832 (159,702) (195,573) (428,594) 118,248 38,705

Q1-16 333,352 (88,057) (624,036) (551,038) 130,646

Q4-15 994,277 (191,481) (298,885) (473,575) 126,094 86,097 265,396 26,942,643

Q3-15 216,001 (319,396) (255,594) (423,807) 272,815 671,978 60,891 26,243,239

(1,124,450) 1,814,996 23,565,235

Q2-15* 2,189,567 (362,280) (574,016) (603,139) 136,412 630,935

Q1-15 1,174,997 (275,545) (2,519,355) (1,933,565) 24,431

355,962 25,700,956

Q4-14 2,541,885 (428,106) (839,436) (672,140) 42,129 741,819 534,852 26,128,181

Q3-14 2,128,548 (434,081) (426,333) (386,156) 60,030 1,122,689 166,720 23,779,070

717,900 79,620 19,094,049

Q2-14 1,442,450 (413,112) (425,550) (264,088) 3,546 1,075,402

Q1-14 1,624,771 (276,091) (123,095) (162,143) (23,787)

187,764 21,113,572

Q4-13 2,700,521 (347,345) (805,343) (651,353) 11,509 460,900 526,345 16,980,783

Q3-13 1,713,316 (290,830) (405,013) (190,632) (10,813) 696,940 91,877 14,738,205

754,401 12,284 10,439,849

Q2-13 1,977,531 (310,163) (258,629) (180,480) (49,113) 792,437

Q1-13 685,334 (279,896) (52,826) (131,107) 17,691

120,935 12,842,530

Q4-12 3,004,516 (225,244) (96,481) (30,447) (99,056) 604,583 15,227 9,154,073

- 2,150,241

Q3-12 3,278,678 (168,339) - - (60,055) 386,868 -

Q2-12 2,089,804 (65,041) - - (30,552) 90,989

5,755,732

Blackstone Real Estate Partners VII


Qtr.
















Equity Multiple:

Since Inception


7.9% 1.3% 8.2% 9.4% 11.6%



7.2%

11.8%

Two-Year 8.3% 2.7% 7.4% 10.3% 11.8%

Three-Year 14.7% 3.2% 13.2% 16.7%

9.7%One-Year 5.4%

1.9%

Year-to-Date 0.9% 2.5% -0.3% 2.2% 6.5%

Quarter 0.3% 0.7% 0.0% 0.7%

3.3%


3.9%

Total Gross Total


LA WPERP NCREIF



$110,652,208 $25,000,000

$71,352,208 $14,671,001

35.5% $17,866,864

U.S. diversified real estate investments. $8,356,213

8.3%

1.10

1/2016 15.9%

6 1.7%

18.0% 3/2012

1/2011 $11,318,686

Bristol Value Fund IIPartner/Manager: Bristol Group Inc.


East 26.9%

South 64.8%

West 8.3%

Office 55.5%

Industrial 19.9%

Resid'l 16.3%

Other 8.3%





1,528,025 -


Total 17,866,864 (444,454) (7,537,865) (818,348) 280,010

11,318,686

- 11,613,362

Q3-16 695,236 (48,726) (960,381) (63,651) 34,120 - -

- - 10,785,127

Q2-16 891,270 (50,717) - (59,048) 31,649 (35,636)

Q1-16 1,791,270 (47,760) (454,092) - 63,961

Q4-15 - (43,084) - (79,365) 26,780 379,151 - 9,383,988

Q3-15 419,047 (41,696) - - (9,383) 2,149 - 9,057,422

(18,514) - 7,425,675

Q2-15 1,103,174 (38,290) - - 15,471 101,289

Q1-15 207,936 (35,997) - - 26,312

- 8,645,609

Q4-14 119,841 (36,329) - (33,651) (20,828) 641,501 - 7,209,941

Q3-14 3,428,570 (34,284) (2,522,987) (402,835) 9,496 - - 6,503,078

46,443 - 5,906,833

Q2-14 107,143 (20,655) - (26,349) 33,209 (30,002)

Q1-14 2,190,476 (16,483) - (31,746) 38,192

- 5,990,834

Q4-13 1,761,905 (7,021) - - 18,144 441,644 - 3,663,468

Q3-13 - (5,863) - (16,984) 12,343 - - 1,441,775

- - 1,448,183

Q2-13 - (5,799) - (19,841) 18,074 -

Q1-13 - (10,240) (1,274,805) (84,878) 28,301

- 1,446,416

Q4-12 2,825,396 (1,510) - - (45,278) - - 2,779,565

Q3-12 - - - - (60) - - (553)

- - (127)

Q2-12 - - - - (366) -

Q1-12 2,325,600 - (2,325,600) - (127)

- (493)



Qtr.
















Equity Multiple:

Since Inception

Five-Year -3.4% -3.0% -5.3% -8.1% 11.7%

-3.0% -0.3% -4.7% -4.9% 6.4%


-14.3%

11.8%

Two-Year -4.9% -6.9% 1.1% -5.9% 11.8%

Three-Year -9.2% -8.4% -9.3% -16.9%

9.7%One-Year -11.1%

1.9%

Year-to-Date -16.3% -20.5% 0.0% -20.5% 6.5%

Quarter -15.7% -19.9% 0.0% -19.9%

-14.3%


0.0%

Total Gross Total


LA WPERP NCREIF


CBRE SP V

$0 $20,000,000

$0 $0

0.0% $20,000,000

Reposition assets, stabilize moderate levels

of vacancy & invest in controlled risk

development in Industrial sector.

$28,312,736

16.2%

1.42

5/2011 1.5%

N/A 0.0%

11.5% 6/2008

11/2007 $0

CBRE Strategic Partners VPartner/Manager: CB Richard Ellis Strategic Investors




- 6,097,451


Total 20,000,000 (1,636,276) (20,000,000) (8,312,736) 2,215,285

-

- 8,505

Q3-16 - 350 - (7,166) (1,689) 127 223

(8) - 8,595

Q2-16 - 23 - - (113) 23

Q1-16 - (8) - - 42

Q4-15 - (238) - (7,722) 1,191 (238) - 8,561

Q3-15 - (97) - (18,532) (483) 97 - 15,330

- - 33,781

Q2-15 - (117) - - 467 -

Q1-15 - (67) - - (268)

- 34,248

Q4-14 - (361) - (55,595) 1,446 - - 34,049

Q3-14 - - - (30,886) (6,705) - - 88,199

392,337 (392,232) 197,420

Q2-14 - - - (61,772) (9,858) -

Q1-14 - 49,936 - (49,418) (2,018)

- 125,790

Q4-13 - 42,978 - (3,216,365) (11,199) 656,195 (816,906) 248,751

Q3-13 - 118,441 (1,681,713) (1,333,236) 117,459 (1,305,987) 719,570 3,637,025

101,055 (62,158) 15,929,202

Q2-13 - (34,154) (8,695,198) (308,730) 120,734 (792,374)

Q1-13 - (25,228) (236,226) (103,807) 162,914

867,300 7,120,933

Q4-12 - (111,965) (713,948) (157,508) 140,418 (309,462) 712,405 16,067,424

Q3-12 - (45,142) (1,324,715) (277,062) 192,150 (745,199) 849,601 16,395,520

71,781 (113) 17,629,071

Q2-12 596,517 (63,504) (470,302) (434,024) 230,705 (118,197)

Q1-12 308,862 (44,479) - - 229,917

266,973 17,700,744

Q4-11 - (329,545) (4,627,230) (256,682) 234,862 904,573 298,126 17,018,623

Q3-11 - 20,609 (905,436) (806,422) 151,607 (2,573,133) 2,510,184 20,464,974

202,925 15,718 17,224,148

Q2-11 3,181,279 (452,730) - (172,625) 198,399 1,655,700

Q1-11 - (65,531) - (135,094) 172,574

1,272 22,088,173

Q4-10 - (506,347) (1,345,233) (880,088) 135,429 894,495 1,127,486 16,968,024

Q3-10 6,486,102 (135,997) - - 117,170 1,604,431 - 17,035,935

(73,006) - 6,065,284

Q2-10 2,779,758 (16,850) - - 21,640 (38,450)

Q1-10 1,389,879 (14,509) - - 16,490

- 8,828,232

Q4-09 3,662,331 (5,071) - - (63,980) (110,023) - 4,731,921

Q3-09 328,938 (3,794) - - 60,548 (21,987) - 1,243,594

(425,561) - 801,020

Q2-09 - (3,166) - - 45,189 29,886

Q1-09 - (3,166) - - 32,262

- 876,095

Q4-08 - (3,166) - - 8,659 (25,500) - 1,194,319

- 1,213,522

Q3-08 - (3,166) - - (864) (1,498) -

Q2-08 1,266,334 (211) - - (79,810) 26,998

1,211,160

CBRE Strategic Partners V


Qtr.
















Equity Multiple:

Since Inception




7.7% 7.9% 0.0% 7.9% 8.2%

18.1%

8.6%

Two-Year 11.6% 11.9% 0.0% 11.9% 9.5%

Three-Year 11.2% 11.5% 0.0% 11.5%

15.9%One-Year 17.7%

1.5%

Year-to-Date 12.5% 12.7% 0.0% 12.7% 11.0%

Quarter -0.1% 0.0% 0.0% 0.0%

18.1%


0.0%

Total Gross Total


LA WPERP FTSE

Net Total Gross Gross Gross EPRA NAREIT

Dimensional Global RE

$5,157,998,043 $25,000,000

$5,157,998,043 $2,130,000

0.0% $24,312,455

Real estate asset class through broad asset

class diversification at the country, REIT

sector, and single-name level.

$1,442,455

9.9%

1.30

N/A 0.6%

413 4.5%

>FTSE EPRA/NAREIT 3/2013

6/2008 $30,070,136

Dimensional Global Real Estate PortfolioPartner/Manager: Dimensional Fund Advisors

Limited Partnership Core

US 65.8%

Foreign 34.2%

Office 14.2%

Industrial 7.7%

Retail 29.9% Resid'l

11.8%

Other 36.2%

Public Equity 100.0%




- -


Total 24,312,455 (208,262) - (1,442,455) 7,200,136

* Based on 0.27% of weighted average equity value annually

30,070,136

- 30,096,171

Q3-16 - (20,315) - - (26,035) - -

- - 28,638,225

Q2-16 - (19,331) - - 1,457,946 -

Q1-16 - (18,048) - - 1,900,537

Q4-15 - (17,238) - - 1,199,327 - - 26,737,689

Q3-15 - (17,238) - - - - - 25,538,361

- - 27,622,088

Q2-15 - (18,645) - - (2,083,727) -

Q1-15 - (17,924) - - 1,067,275

- 25,538,361

Q4-14 3,106,814 (16,288) - (961,814) 2,423,752 - - 26,554,814

Q3-14 2,145,000 (15,465) - - (924,620) - - 21,986,062

- - 17,088,483

Q2-14 2,145,000 (12,983) - - 1,532,199 -

Q1-14 2,145,000 (10,699) - - 1,213,670

- 20,765,682

Q4-13 2,625,641 (9,364) - (480,641) (143,363) - - 13,729,812

Q3-13 - (7,925) - - (12,679) - - 11,728,176

- - 10,000,000

Q2-13 2,145,000 (6,798) - - (404,145) -

Q1-13 10,000,000 - - - -

- 11,740,855

Dimensional Global Real Estate Portfolio


Qtr.


Contributions Fees * Capital Distributions Income Appreciation Gain Market Value














Equity Multiple:

Since Inception


16.9% 12.7% 7.8% 21.2% 11.7%


Five-Year 16.9% 12.7% 7.8% 21.2% 11.7%

34.5%

11.8%

Two-Year 20.3% 11.8% 13.3% 26.4% 11.8%

Three-Year 19.9% 12.1% 11.8% 24.9%

9.7%One-Year 28.2%

1.9%

Year-to-Date 21.3% 8.1% 17.1% 26.0% 6.5%

Quarter 7.4% 2.8% 6.1% 8.8%

10.7%


22.2%

Total Gross Total


LA WPERP NCREIF


DRA G&I VII

$2,937,135,095 $16,100,000

$1,096,252,313 $879,060

62.7% $16,351,160

National value-add strategy across

diversified property types.

$10,034,430

18.2%

1.62

10/2014 1.6%

32 2.5%

12.0% 11/2011

5/2011 $16,522,843

DRA Growth and Income Fund VIIPartner/Manager: DRA Advisors

Limited Liability Company Value

East 6.9% Midwest

10.9%

South 55.1%

West 27.0%

Office 23.5%

Industrial 36.1%

Retail 15.4%

Resid'l 25.1%





3,752,493 675,814


Total 16,351,160 (2,331,821) (3,946,947) (6,087,483) 5,777,806

16,522,843

211,810 16,475,958

Q3-16 - (226,931) (699,698) (409,765) 369,629 971,810 (185,091)

930,414 - 16,731,158

Q2-16 - (138,968) (353,037) (518,232) 225,693 178,566

Q1-16 - (278,269) (35,041) (529,611) 448,981

Q4-15 - (166,839) (291,405) (720,297) 316,412 169,344 406,833 15,916,415

Q3-15 - (140,230) (727,389) (376,950) 422,660 188,921 7,970 16,035,528

(19,011) 36,798 16,558,750

Q2-15 112,700 (567,443) (97,757) (417,582) 314,422 49,783

Q1-15 386,400 (65,871) (288,931) (570,794) 543,157

- 16,520,316

Q4-14 - (67,696) (323,469) (419,838) 457,666 (19,196) - 16,471,131

Q3-14 - (99,217) (1,130,220) (432,695) 326,864 57,631 112,426 16,775,968

383,450 - 15,583,653

Q2-14 1,658,300 (97,248) - (292,097) 333,511 517,310

Q1-14 740,600 (93,979) - (257,736) 449,517

41,285 17,841,962

Q4-13 1,231,650 (84,681) - (266,700) 308,149 158,840 14,762 14,267,822

Q3-13 1,207,500 (75,430) - (282,612) 356,088 (25,519) 25,519 12,821,121

- - 9,425,792

Q2-13 2,012,500 (66,257) - (240,295) 198,532 143,616

Q1-13 1,368,500 (60,290) - (175,636) 339,508

- 11,540,145

Q4-12 2,012,500 (42,796) - (125,200) 159,066 - - 7,893,420

Q3-12 988,540 (36,230) - (24,380) 143,024 - 8,106 5,847,054

- (2,318) 1,211,980

Q2-12 3,424,470 (14,200) - (16,063) 44,803 66,534

Q1-12 821,100 (6,239) - (11,000) 20,160

40 4,731,764

Q4-11 386,400 (3,007) - - (36) - (2,326) 384,038

DRA Growth and Income Fund VII


Qtr.
















Equity Multiple:

Since Inception


11.9% 12.9% 1.6% 14.7% 11.8%



14.6%

N/A

Two-Year 11.2% 13.3% 0.7% 14.1% 11.8%


9.7%One-Year 11.6%

1.9%

Year-to-Date 8.2% 9.0% 1.3% 10.3% 6.5%

Quarter 4.3% 3.2% 1.8% 5.0%

12.9%


1.6%

Total Gross Total


LA WPERP NCREIF


DRA G&I VIII

$3,884,763,570 $25,000,000

$1,193,614,044 $4,011,834

69.3% $25,279,774

Target investments that offer strong

income returns and the potential for

capital appreciation.

$5,744,191

12.7%

1.10

6/2017 1.9%

238 3.3%

12.0% 9/2014

10/2013 $22,103,923

DRA Growth and Income Fund VIIIPartner/Manager: DRA Advisors

Limited Liability Company Value

East 12.8%

Midwest 43.5%

South 28.8%

West 14.9% Office

25.0%

Industrial 12.6%

Retail 51.4%

Resid'l 11.0%





497,485 (79,166)


Total 25,279,774 (592,265) (4,291,608) (1,452,583) 2,150,021

22,103,923

(15,451) 21,850,740

Q3-16 - (151,325) (229,266) (454,561) 546,783 446,622 (56,395)

(40,892) - 25,434,355

Q2-16 - (151,505) (3,782,568) (237,788) 476,903 (24,711)

Q1-16 14,909,405 (77,990) (43,945) (214,354) 249,963

Q4-15 1,296,296 (66,351) (34,829) (215,409) 265,099 30,122 - 10,574,178

Q3-15 3,518,518 (49,329) - (111,326) 226,367 80,324 - 9,232,899

(7,339) (7,320) 5,432,548

Q2-15 - (36,735) - (107,714) 199,075 (4,893)

Q1-15 1,296,296 (29,416) (201,000) (85,505) 64,387

- 5,519,016

2,314,918

Q4-14 2,037,037 (22,386) - (25,926) 76,003 (29,003) - 4,373,029

Q3-14 2,222,222 (7,228) - - 45,441 47,255 -

DRA Growth and Income Fund VIII


Qtr.
















Equity Multiple:

Since Inception


N/M N/M N/M N/M 6.6%



N/A

N/A



N/AOne-Year N/A

1.9%

Year-to-Date 6.9% 4.3% 3.3% 7.7% 6.5%

Quarter 1.4% 1.3% 0.3% 1.6%

N/A


N/A

Total Gross Total


LA WPERP NCREIF


Harrison Street Core Property

$3,825,357,770 $60,000,000

$2,824,214,468 $0

26.2% $61,630,450

Senior Housing, Student Housing, Medical

Office, and Self Storage

$2,276,285

N/M

1.06

N/A 2.2%

156 9.4%

9.0% 1/2016

11/2011 $62,873,586

Harrison Street Core Property FundPartner/Manager: Harrison Street Real Estate Capital


East 44.7%

Midwest 17.4%

South 24.6%

West 13.3%

Office 29.7%

Resid'l 59.4%

Other 10.9%





1,621,626 -


(2,276,285) 1,897,795 Total 61,630,450 (394,715) -

62,873,586

- 61,921,935

Q3-16 888,544 (143,187) - (789,022) 664,330 187,799 -

759,029 808,591

474,436

Q2-16 21,631,682 (141,304) - (886,661)

Q1-16 39,110,224 (110,224) - (600,602)

Appreciation Gain Market Value

625,236 - 39,609,294

Harrison Street Core Property Fund


Qtr.


Contributions Fees Capital Distributions Income














Equity Multiple:

Since Inception


7.0% 3.6% 4.0% 7.7% 8.6%



14.7%

8.6%

Two-Year 8.8% 3.6% 5.8% 9.5% 9.5%

Three-Year 7.0% 3.6% 4.0% 7.7%

15.9%One-Year 14.0%

1.5%

Year-to-Date 9.0% 3.1% 6.3% 9.5% 11.0%

Quarter 1.0% 0.8% 0.3% 1.2%

4.1%


10.3%

Total Gross Total


LA WPERP FTSE

Net Total Gross Gross Gross EPRA NAREIT

Heitman RE Securities

$28,354,493 $25,000,000

$28,354,493 $2,130,000

0.0% $23,308,429

To build a portfolio of securities

producing returns in excess of their long-

term cost of capital.

$0

8.2%

1.22

N/A 100.0%

N/A 4.2%

>FTSE EPRA/NAREIT 10/2013

10/2013 $28,354,493

Heitman Real Estate SecuritiesPartner/Manager: Heitman Capital Management

Separate Account Core

East 24.1%

Midwest 5.3%

South 10.3%

West 15.2%

Foreign 45.1%

Office 18.9%

Industrial 8.8%

Retail 25.7%

Resid'l 14.1%

Hotel 2.9%

Healthcare 7.5%

Other 21.9%

Public Equity 100.0%




639,817 2,396,635


Total 23,308,429 (438,429) - - 2,009,611

28,354,493

307,278 28,031,070

Q3-16 45,291 (45,291) - - 182,088 (772,973) 869,017

1,273,887 (303,330) 27,216,822

Q2-16 42,702 (42,702) - - 203,588 260,680

Q1-16 39,889 (39,889) - - 311,369

Q4-15 40,779 (40,779) - - 190,767 886,667 60,823 25,895,008

Q3-15 39,418 (39,418) - - 136,484 (188,916) (279,924) 24,715,972

70,665 809,125 26,721,174

Q2-15 40,169 (40,169) - - 176,269 (2,046,625)

Q1-15 41,273 (41,273) - - 122,572

117,922 25,008,909

Q4-14 2,185,056 (40,056) - - 191,447 1,372,621 432,521 25,677,539

Q3-14 2,180,084 (35,084) - - 116,784 (1,288,947) 249,731 21,495,894

616,949 (91,186) 16,478,707

Q2-14 2,175,804 (30,804) - - 187,006 1,052,450

Q1-14 2,170,027 (25,027) - - 95,850

344,275 20,238,242

Q4-13 14,307,938 (17,938) - - 95,387 (596,640) (119,617) 13,687,068

Heitman Real Estate Securities


Qtr.
















Equity Multiple:

Since Inception


10.9% 4.6% 7.1% 11.9% 11.8%


Five-Year 11.0% 4.5% 7.2% 12.0% 11.7%

9.6%

11.8%

Two-Year 11.7% 4.1% 8.3% 12.7% 11.8%

Three-Year 11.5% 4.3% 7.9% 12.5%

9.7%One-Year 8.6%

1.9%

Year-to-Date 6.2% 2.9% 3.9% 6.9% 6.5%

Quarter 1.5% 0.9% 0.7% 1.7%

4.0%


5.5%

Total Gross Total


LA WPERP NCREIF


Invesco Core RE USA

$10,889,041,455 $35,000,000

$8,016,702,188 $0

26.4% $43,290,121

Primarily in core, existing substantially-

leased, income-producing industrial, multi-

family, retail and office properties.

$8,649,251

11.7%

1.56

N/A 0.7%

91 8.8%

NCREIF+1% 7/2011

9/2004 $58,982,759

Invesco Core Real Estate-USAPartner/Manager: Invesco Real Estate

Limited Liability Company Core

East 26.5%

Midwest 5.8%

South 16.1%

West 51.6%

Office 35.8%

Industrial 13.6%

Retail 21.4%

Resid'l 29.2%





17,479,892 (1,160,695)


Total 43,290,121 (2,122,820) - (8,649,251) 8,022,692

58,982,759

(750,224) 58,139,599

Q3-16 486,873 (133,820) - (492,951) 414,937 408,309 25,992

564,016 (286,539) 56,229,652

Q2-16 479,109 (131,739) - (484,792) 431,254 2,234,600

Q1-16 465,767 (127,133) - (474,503) 418,273

Q4-15 470,100 (125,589) - (464,223) 419,327 730,574 90,905 55,542,638

Q3-15 467,118 (122,760) - (467,271) 426,700 1,021,772 4,082 54,295,955

1,155,620 (66,131) 50,291,573

Q2-15 473,106 (119,553) - (463,910) 408,680 1,360,609

Q1-15 434,805 (113,558) - (467,111) 408,934

773,496 52,843,554

Q4-14 438,168 (110,207) - (431,454) 404,845 1,313,494 (164,677) 48,825,456

Q3-14 457,603 (106,516) - (434,477) 386,207 1,175,072 (81,403) 47,265,080

155,397 70,035 44,448,726

Q2-14 448,109 (103,150) - (454,236) 440,459 1,030,018

Q1-14 436,347 (100,208) - (445,167) 431,512

(150,998) 45,762,078

Q4-13 422,624 (98,728) - (434,867) 406,230 879,936 58,069 43,800,602

Q3-13 413,187 (95,713) - (419,609) 381,141 549,201 (82,508) 42,468,610

868,123 (63,877) 39,843,208

Q2-13 401,746 (92,761) - (410,235) 375,524 1,386,705

Q1-13 390,252 (90,546) - (399,532) 372,795

30,250 41,627,198

Q4-12 378,761 (87,892) - (387,597) 361,886 361,083 8 38,675,447

Q3-12 390,885 (86,261) - (377,130) 369,653 688,415 (98,617) 37,961,306

199,543 49 36,478,905

Q2-12 358,840 (84,098) - (388,722) 398,527 595,403

Q1-12 301,110 (82,882) - (357,624) 358,278

(454,853) 36,988,100

10,118,204

Q4-11 25,147,529 (81,624) - (299,852) 309,797 700,775 1,096 35,977,549

Q3-11 10,028,084 (28,084) - (93,988) 97,731 101,227 (14,850)

Invesco Core Real Estate-USA


Qtr.
















Equity Multiple:

Since Inception


N/M N/M N/M N/M 6.6%



N/A

N/A



N/AOne-Year N/A

1.9%

Year-to-Date 5.3% 3.4% 3.2% 6.6% 6.5%

Quarter 2.8% 1.1% 2.3% 3.4%

N/A


N/A

Total Gross Total


LA WPERP NCREIF


Jamestown Premier Property

$3,866,433,926 $60,000,000

$2,479,493,965 $0

35.9% $61,901,560

Invest in high quality office and retail

properties located in major markets in the

U.S.

$6,479,637

N/M

1.05

N/A 2.4%

22 8.7%

8.0% 1/2016

12/2011 $58,570,663

Jamestown Premier Property FundPartner/Manager: Jamestown

Delaware Limited Partnership Core

East 71.9%

South 2.4%

West 25.7%

Office 67.7%

Retail 19.5%

Other 12.7%


Private Debt 6.1%




(339,233) 1,898,989


(6,479,637) 1,588,984 Total 61,901,560 (744,002) -

58,570,663

503,095 60,462,844

Q3-16 747,084 (392,653) - (4,303,206) 542,059 (256,619) 1,378,500

583,866 (73,378)

463,059

Q2-16 630,867 (207,128) - (630,867)

Q1-16 60,523,609 (144,221) - (1,545,564)


(9,237) 17,394 59,449,261

Jamestown Premier Property Fund


Qtr.
















Equity Multiple:

Since Inception


4.5% 5.5% 0.0% 5.6% 6.7%


Five-Year 11.6% 5.3% 7.2% 12.7% 11.7%

9.7%

11.8%

Two-Year 11.0% 5.3% 6.6% 12.1% 11.8%

Three-Year 11.0% 5.2% 6.6% 12.1%

9.7%One-Year 8.6%

1.9%

Year-to-Date 5.3% 3.4% 2.6% 6.1% 6.5%

Quarter 1.8% 1.1% 0.9% 2.1%

5.0%


4.6%

Total Gross Total


LA WPERP NCREIF


JP Morgan SPF

$41,841,904,922 $50,000,000

$30,831,485,157 $0

26.3% $54,240,723

U.S. core fund investing primarily in

office, residential, retail and industrial

sectors with largely income returns and

modest appreciation.

$4,240,964

4.7%

1.45

N/A 0.2%

175 11.1%

8.0% 10/2007

1/1998 $74,543,156

JP Morgan Strategic Property FundPartner/Manager: JP Morgan Investment Management

Bank Commingled Fund Core

East 29.4%

Midwest 5.0%

South 23.6%

West 41.7%

US Not Allocated

0.4%

Office 43.8%

Industrial 9.5%

Retail 24.6%

Resid'l 20.9%

Land 0.2%

Other 1.0%


Private Debt 0.2%




3,708,255 1,103,645


Total 54,240,723 (4,610,121) - (4,240,964) 19,731,498

74,543,156

(3,231) 73,215,943

Q3-16 179,855 (186,358) - (179,872) 633,643 691,911 1,676

4,813 537,482 71,941,958

Q2-16 176,962 (183,040) - (176,974) 622,355 654,873

Q1-16 171,601 (179,855) - (171,610) 614,799

Q4-15 166,364 (176,962) - (166,368) 854,139 1,276,647 13,719 70,784,874

Q3-15 160,811 (171,601) - (160,817) 628,449 1,473,242 (6,721) 68,640,374

1,392,078 11,267 64,324,493

Q2-15 155,060 (166,364) - (155,065) 621,145 1,571,494

Q1-15 151,299 (160,811) - (151,303) 897,110

28,284 66,545,410

Q4-14 148,175 (155,060) - (148,177) 641,139 877,452 (14,007) 62,024,043

Q3-14 143,869 (151,299) - (143,870) 603,155 623,284 23,080 60,519,460

620,726 4,647 57,547,468

Q2-14 140,884 (148,175) - (140,886) 586,787 1,102,311

Q1-14 136,253 (143,869) - (136,257) 568,465

33,380 59,269,944

Q4-13 131,154 (140,884) - (131,156) 537,996 1,319,714 (5,206) 56,353,634

Q3-13 126,318 (136,253) - (126,319) 565,202 1,434,049 40,175 54,501,132

983,423 28,252 50,636,496

Q2-13 121,417 (131,154) - (121,418) 537,292 1,287,722

Q1-13 117,669 (126,318) - (117,672) 531,130

199 52,461,707

Q4-12 115,801 (121,417) - (115,803) 450,219 757,024 6,796 49,093,693

Q3-12 113,275 (117,669) - (113,279) 494,205 889,513 175,478 47,879,656

600,187 (1,436) 45,309,856

Q2-12 110,543 (115,801) - (110,546) 483,769 523,605

Q1-12 107,531 (113,275) - (107,535) 494,051

3,239 46,320,465

Q4-11 102,619 (110,543) - (102,622) 448,704 739,539 16,375 44,217,058

Q3-11 99,384 (107,531) - (99,387) 400,862 769,642 72,039 43,012,443

766,255 6,433 39,753,555

Q2-11 94,978 (102,619) - (94,981) 467,768 1,570,187

Q1-11 91,947 (99,384) - (91,953) 482,592

(21,604) 41,769,903

Q4-10 88,499 (94,978) - (88,499) 488,906 1,229,308 1,316 38,498,280

Q3-10 84,656 (91,947) - (84,660) 460,548 852,511 3,004 36,778,751

(360,228) 122 34,173,901

Q2-10 85,149 (88,499) - (85,152) 490,319 795,697

Q1-10 87,815 (84,656) - (87,819) 474,534

2,779 35,462,692

Q4-09 94,984 (85,149) - (94,988) 499,247 (1,574,949) 9,330 34,059,478

Q3-09 101,165 (87,815) - (101,173) 463,929 (3,331,600) 10 35,125,855

(6,880,766) 3,580 40,465,798

Q2-09 117,214 (94,984) - (117,220) 484,118 (2,956,192)

Q1-09 128,667 (101,165) - (128,697) 457,412

(193) 37,993,525

Q4-08 130,553 (117,214) - (130,582) 482,567 (5,051,793) (12,123) 46,885,601

Q3-08 129,765 (128,667) - (129,786) 501,966 (1,259,614) 3,346 51,466,979

(119,927) - 51,905,887

Q2-08 128,490 (130,553) - (128,514) 508,183 (190,305)

Q1-08 - (129,765) - - 629,835

(2,439) 52,221,302

Q4-07 50,000,000 (128,490) - - 624,959 626,421 144,599 51,395,979

JP Morgan Strategic Property Fund


Qtr.
















Equity Multiple:

Since Inception


25.0% 6.3% 28.5% 37.3% 12.0%


Five-Year 24.3% 10.6% 19.5% 31.9% 11.7%

-23.6%

11.8%

Two-Year -1.6% 10.7% -12.6% -2.3% 11.8%

Three-Year 8.1% 11.9% -2.2% 9.9%

9.7%One-Year -19.2%

1.9%

Year-to-Date -15.6% 13.7% -30.2% -19.2% 6.5%

Quarter -8.1% 2.3% -12.4% -10.1%

16.0%


-35.4%

Total Gross Total


LA WPERP NCREIF


Lone Star VII

$1,204,447,371 $10,000,000

$440,927,680 $616,355

63.4% $9,383,645

Global investments in banks, financially-

oriented and asset rich operating

companies and distressed loans and

securities.

$15,538,981

50.3%

1.79

12/2012 0.4%

17 0.2%

20% Gross 6/2011

12/2009 $1,289,399

Lone Star Fund VIIPartner/Manager: Lone Star Funds

Limited Partnership Opportunistic

East 6.7% Midwest

0.1%

South 18.8%

West 0.2%

US Not Allocated

69.4%

Foreign 4.8%

Resid'l 1.7%

Other 98.3%

Private Debt 100.0%




849,782 5,004,624


Total 9,383,645 (2,203,503) (9,420,255) (6,118,727) 1,590,330

1,289,399

157,442 1,457,597

Q3-16 - 29,025 - (52,100) 33,186 (158,009) 8,725

(146,370) 17,167 1,843,306

Q2-16 - 14,998 (68,192) (257,375) 149,875 (367,460)

Q1-16 - 22,633 - - 38,367

Q4-15 - 22,221 (83,716) (10,063) 42,112 (153,984) 22,679 1,934,143

Q3-15 - (54,891) (268,595) (121,059) (21,354) 185,565 54,733 2,117,115

(421,897) 226,608 2,618,085

Q2-15 - 7,599 (145,554) (143,925) 33,180 (108,188)

Q1-15 - 32,069 (192,883) (243,439) 72,160

34,227 2,287,825

Q4-14 - (111,818) (49,495) (334,544) 82,059 184,333 175,023 3,177,535

Q3-14 - (16,291) (217,779) (560,255) 130,859 (245,568) 179,740 3,120,158

(776,170) 575,828 3,861,926

Q2-14 - (147,476) (80,494) (530,020) 115,592 57,399

Q1-14 - 14,796 (107,814) (928,121) 131,749

408,759 3,833,161

Q4-13 398,124 (149,768) (361,878) (784,641) 168,265 47,766 372,823 4,966,454

Q3-13 147,488 (250,713) (1,035,533) (1,099,238) 554,686 (453,041) 893,357 5,125,994

611,645 351,754 7,522,463

Q2-13 695,656 (381,371) (2,738,861) (854,556) 374,034 379,610

Q1-13 61,133 (283,954) (1,997,142) (72,956) 99,794

739,929 6,118,275

Q4-12 (52,416) (325,169) (1,313,715) (82,442) 81,876 994,306 138,043 8,468,235

Q3-12 3,828,224 (167,131) (542,705) (3,655) 44,511 290,469 238,929 8,702,583

173,490 135,715 4,259,730

Q2-12 342,434 (89,384) - (3,657) (20,057) 239,366

Q1-12 821,741 (80,352) - (6,084) (93,069)

28,993 4,846,810

Q4-11 1,511,290 (96,262) (107,949) (1,237) (54,164) 63,919 23,255 3,227,937

103,024 723,531

Q3-11 774,200 (26,014) (107,949) (6,861) (155,062) 447,094 117,871

Q2-11 855,769 (166,250) - (22,500) (218,269) 5,506

1,792,824

Lone Star Fund VII


Qtr.
















Equity Multiple:

Since Inception


14.6% -2.9% 36.4% 32.7% 12.0%


Five-Year 26.7% 0.1% 32.7% 32.9% 11.7%

16.4%

11.8%

Two-Year 27.0% -0.4% 29.0% 28.6% 11.8%

Three-Year 29.2% -1.6% 35.4% 33.4%

9.7%One-Year 12.8%

1.9%

Year-to-Date 8.4% -0.2% 10.9% 10.6% 6.5%

Quarter 1.1% 0.3% 1.2% 1.4%

0.0%


16.4%

Total Gross Total


LA WPERP NCREIF


Lone Star REF II

$1,245,177,021 $10,000,000

$782,825,444 $1,139,017

37.1% $8,860,983

Invest in global opportunistic and value

investments in distressed commercial real

estate debt products and equity.

$11,697,752

27.1%

1.53

12/2012 0.3%

15 0.3%

20% Gross 6/2011

12/2009 $1,872,485

Lone Star Real Estate Fund IIPartner/Manager: Lone Star Funds


East 14.4%

Midwest 6.1%

South 16.8%

West 10.3%

US Not Allocated

32.7%

Foreign 19.6%

Office 47.1%

Industrial 0.8%

Retail 6.1%

Resid'l 11.1%

Hotel 13.6%

Other 21.3%


Private Debt 51.0%




619,068 4,552,866


Total 8,860,983 (1,192,150) (7,799,873) (3,897,878) (462,680)

1,872,485

21,943 2,168,400

Q3-16 (162,376) (6,312) (146,269) (8,080) 4,169 (23,010) 39,651

35,452 31,484 1,903,457

Q2-16 310,157 (26,350) (91,040) (55,146) 10,724 68,305

Q1-16 - (11,198) (73,160) (72,274) (23,094)

Q4-15 - (21,882) (59,660) (142,015) 2,756 21,855 58,321 2,005,049

Q3-15 - (27,141) (129,993) (567,403) (29,805) 11,890 120,556 2,123,792

(310,064) 731,651 3,174,653

Q2-15 31,291 54,301 (316,211) (458,892) 261 110,696

Q1-15 - (97,105) (142,976) (671,266) (44,902)

176,750 2,718,548

Q4-14 113,250 129,868 (1,152,326) (1,105,700) 70,663 (452,170) 928,966 3,612,210

Q3-14 254,051 (152,064) (1,166,628) (480,205) (91,858) 177,145 506,484 5,209,526

238,241 393,594 7,018,517

Q2-14 85,598 (106,689) (1,286,858) (218,314) (54,131) 78,770

Q1-14 628,219 (144,360) - (63,856) (87,051)

386,954 6,010,536

Q4-13 1,154,310 (58,151) (1,003,448) (1,058) (21,854) (188,653) 418,269 5,909,370

Q3-13 391,006 (108,195) - (2,894) (40,484) 341,452 52,094 5,551,804

(236,778) 373,597 3,459,987

Q2-13 1,204,019 (59,520) - (2,900) 12,628 73,315

Q1-13 275,083 (84,860) (1,350,094) (3,289) 104,353

63,582 4,810,630

Q4-12 404,432 (72,415) (191,567) (3,476) 22,952 115,220 57,329 4,297,115

Q3-12 375,434 (129,072) (689,642) (3,676) (2,516) 180,644 82,116 3,892,225

141,351 20,091 1,863,142

Q2-12 1,887,871 (26,157) - (3,737) 56,391 119,884

Q1-12 (501,699) (26,175) - (6,198) (41,805)

26,315 3,949,866

Q4-11 1,212,440 (26,175) - (1,250) (43,275) 34,980 35,433 2,251,403

10,788 233,709

Q3-11 716,194 (26,250) - (3,750) (22,025) 72,049 16,898

Q2-11 481,704 (166,250) - (22,500) (244,778) 8,494

1,013,075

Lone Star Real Estate Fund II


Qtr.
















Equity Multiple:

Since Inception




7.9% 1.6% 11.2% 12.8% 9.7%

12.8%

N/A



9.7%One-Year 7.9%

1.9%

Year-to-Date 12.0% 2.4% 11.2% 13.7% 6.5%

Quarter 7.3% 1.2% 6.2% 7.5%

1.6%


11.2%

Total Gross Total


LA WPERP NCREIF


Lone Star REF IV

$7,584,904,813 $48,521,633

$1,231,785,442 $27,707,823

83.8% $20,813,810

Global investments in distressed

commercial real estate debt and equity.

$1,426,409

11.5%

1.05

4/2018 1.7%

18 3.1%

20% Gross 10/2015

4/2015 $20,511,508

Lone Star Real Estate Fund IVPartner/Manager: Lone Star Funds


US 11.5%

Foreign 88.5%

Office 26.2%

Industrial 6.5%

Retail 13.4%

Resid'l 3.3%

Hotel 1.2%

Other 49.3%

Private Debt 100.0%




117,524 1,366,574


- (359,992) Total 20,813,810 (577,664) (1,426,409)

20,511,508

1,100,245 13,527,019

Q3-16 7,366,730 (21,847) (1,426,409) - 156,011 645,740 242,416

26,988 23,914 12,661,066

Q2-16 246,124 (50,249) - - 74,788 (555,204)

Q1-16 93,820 (133,434) - - (110,467)

Q4-15 13,107,137 (372,133) - - (480,325) - - 12,626,812

Ending


Lone Star Real Estate Fund IV


Qtr.
















Equity Multiple:

Since Inception


3.7% 13.1% -1.4% 11.6% 11.8%



11.8%

11.8%

Two-Year 9.9% 12.8% -0.5% 12.2% 11.8%

Three-Year 6.8% 12.4% -1.4% 10.9%

9.7%One-Year 10.0%

1.9%

Year-to-Date 7.3% 8.6% -0.1% 8.5% 6.5%

Quarter 2.7% 2.8% 0.3% 3.0%

12.2%


-0.3%

Total Gross Total


LA WPERP NCREIF


Mesa West RE Income III

$1,823,861,772 $25,000,000

$547,342,418 $7,404,147

70.0% $18,939,180

Originate and service first mortgage loans

on middle-market, value-added and

transitional commercial real estate assets.

$3,804,306

9.0%

1.16

10/2016 3.3%

49 2.7%

12.0% 9/2013

11/2012 $18,206,308

Mesa West Real Estate Income Fund IIIPartner/Manager: Mesa West Capital


East 39.1%

Midwest 7.2%

South 22.5%

West 31.2%

Office 59.2%

Industrial 1.8%

Retail 2.0%

Resid'l 29.1%

Hotel 7.9%

Private Debt 100.0%




(151,246) (5,676)


Total 18,939,180 (1,224,617) (1,343,327) (2,460,979) 3,228,356

18,206,308

(260) 19,421,814

Q3-16 - (63,871) (1,328,992) (374,796) 439,488 48,794 -

(2,752) - 19,355,755

Q2-16 - (63,871) - (305,849) 442,930 (70,762)

Q1-16 2,491,860 (84,375) - (294,342) 467,161

Q4-15 2,491,860 (84,375) - (242,605) 407,367 (30,473) (260) 16,693,828

Q3-15 - (84,375) - (228,405) 305,947 (28,837) - 14,067,939

28,574 - 11,294,461

Q2-15 2,558,310 (84,375) - (225,467) 418,171 (25,982)

Q1-15 - (84,375) - (182,437) 254,477

(259) 14,019,234

Q4-14 - (84,375) - (186,491) 292,654 (62,825) (260) 11,193,847

Q3-14 4,452,123 (84,375) - (163,664) 184,399 (1,536) - 11,150,769

79,397 - 6,633,705

Q2-14 - (84,375) - (109,705) 125,770 29,937

Q1-14 1,016,679 (84,375) - (101,486) 51,898

(260) 6,679,447

1,918,119

Q4-13 3,854,076 (84,375) (14,335) (45,732) (10,089) (114,781) (41) 5,587,217

Q3-13 2,074,272 (253,125) - - (151,817) - (4,336)

Mesa West Real Estate Income Fund III


Qtr.
















Equity Multiple:

Since Inception


6.0% 6.2% 0.6% 6.8% 11.6%



6.9%

11.8%

Two-Year 6.3% 7.1% 0.0% 7.1% 11.8%

Three-Year 6.3% 6.9% 0.2% 7.1%

9.7%One-Year 6.2%

1.9%

Year-to-Date 4.6% 5.1% 0.0% 5.1% 6.5%

Quarter 1.5% 1.7% 0.0% 1.7%

6.9%


0.0%

Total Gross Total


LA WPERP NCREIF


PCCP First Mortgage II

N/A $25,000,000

$61,021,450 $14,502,731

N/A $28,556,351

Originate senior, floating rate first

mortgage loans secured by real estate

properties in the U.S.

$25,140,966

6.3%

1.13

6/2016 11.8%

3 1.1%

7.5% Gross 6/2012

4/2012 $7,170,193

PCCP First Mortgage IIPartner/Manager: PCCP

Delaware limited partnership Core

East 27.8%

West 72.2%

Office 72.2%

Hotel 27.8%

Private Debt 100.0%




(13,767) 335,700


Total 28,556,351 (471,210) (21,423,192) (3,717,774) 3,432,876

7,170,193

- 10,177,957

Q3-16 394,480 (13,485) (3,364,109) (171,670) 133,535 - -

- - 11,863,758

Q2-16 - (20,996) (1,707,289) (141,175) 162,663 -

Q1-16 148,522 (23,341) (3,028,651) (272,814) 223,997

Q4-15 480,913 (30,120) (820,852) (194,984) 231,756 - - 14,792,704

Q3-15 345,899 (30,545) (3,729,028) (263,275) 280,939 - - 15,095,871

- - 17,991,204

Q2-15 443,375 (37,149) - (240,080) 266,837 -

Q1-15 703,290 (36,029) - (230,896) 254,652

- 18,461,336

Q4-14 767,087 (35,459) (1,944,109) (253,818) 274,920 (13,767) 14,791 17,264,158

Q3-14 465,902 (37,594) - (249,264) 275,619 - - 18,419,054

- 28,471 17,596,083

Q2-14 324,610 (36,162) - (262,687) 268,791 -

Q1-14 4,923,849 (35,055) (3,532,321) (260,450) 222,717

- 17,926,797

Q4-13 2,140,510 (32,933) - (221,535) 170,042 - 48,799 16,213,817

Q3-13 5,691,346 (28,546) (3,296,833) (477,202) 193,772 (267,891) 243,639 14,076,001

- - 11,663,285

Q2-13 85,942 (23,389) - (58,393) 30,444 267,891

Q1-13 - (17,304) - (168,281) 185,745

- 11,989,170

Q4-12 2,578,125 (17,688) - (149,688) 155,205 - - 11,645,821

- 9,055,679

Q3-12 - (13,770) - (101,563) 108,062 - -

Q2-12 9,062,500 (1,646) - - (6,821) -

9,062,179

PCCP First Mortgage II


Qtr.
















Equity Multiple:

Since Inception


13.7% 5.9% 9.3% 15.5% 11.0%



14.8%

N/A



9.7%One-Year 13.2%

1.9%

Year-to-Date 8.3% 4.3% 4.5% 9.0% 6.5%

Quarter 2.9% 1.5% 1.7% 3.2%

5.8%


8.6%

Total Gross Total


LA WPERP NCREIF


Prologis Targeted US Logistics

$5,168,811,000 $25,000,000

$3,749,570,000 $0

27.5% $26,281,841

Invest in logistics real estate assets in key

U.S. Submarkets near airports, seaports

,and ground transportation hubs that are

critical to trade.

$1,552,359

16.9%

1.20

N/A 0.8%

169 4.5%

9.0% 4/2015

10/2004 $30,054,499

Prologis Targeted US Logistics FundPartner/Manager: Prologis


East 16.5%

Midwest 9.5%

South 22.7%

West 51.4%

Industrial 100.0%





3,165,139 43,094


(1,552,359) 2,116,784 Total 26,281,841 (656,421) -

30,054,499

(4,453) 29,201,667

Q3-16 278,301 (84,774) - (270,518) 397,414 397,344 50,292

28,283,154

Q2-16 298,408 (92,976) - (278,301) 365,897 536,961

Q1-16 272,212 (28,511) - (298,408) 343,451 211,080 14,024

345,588 921,958 (33,448) 27,740,794

343,346 420,855 58,114

Q4-15 256,563 (197,157) - (272,212)

- (256,563) 26,522,346 Q3-15 176,356 (105,373)

Q2-15 25,000,000 (147,629) - (176,356) 676,941

Ending


(41,435) 25,780,237 321,087

Prologis Targeted US Logistics Fund


Qtr.















Equity Multiple:

Since Inception


4.2% 5.5% -0.4% 5.1% 7.7%


Five-Year 11.6% 5.1% 7.1% 12.5% 11.7%

9.6%

11.8%

Two-Year 11.9% 4.9% 7.6% 12.8% 11.8%

Three-Year 12.0% 4.9% 7.7% 12.9%

9.7%One-Year 8.7%

1.9%

Year-to-Date 5.6% 3.5% 2.7% 6.2% 6.5%

Quarter 1.7% 1.1% 0.8% 2.0%

4.7%


4.7%

Total Gross Total


LA WPERP NCREIF


PRISA

$23,746,758,002 $50,000,000

$18,334,692,630 $0

22.8% $54,216,054

A perpetual life, open-ended, commingled

core fund primarily in diversified

properties with strong cash flow &

potential for appreciation.

$0

4.3%

1.48

N/A 0.4%

277 11.9%

8.0% 12/2006

7/1970 $80,060,160

Prudential PRISAPartner/Manager: PGIM Real Estate

Insurance Separate Account Core

East 33.1%

Midwest 9.5% South

21.0%

West 36.3% Office

38.8%

Industrial 13.8%

Retail 19.5%

Resid'l 18.4%

Hotel 0.5%

Land 1.4%

Other 7.6%


Private Debt 0.5%




3,085,892 3,507


Total 54,216,054 (4,398,927) - - 22,754,707

80,060,160

- 78,705,249

Q3-16 - (182,874) - - 715,735 635,669 3,507

816,729 - 77,216,626

Q2-16 138,839 (138,839) - - 749,061 600,723

Q1-16 133,085 (133,085) - - 714,231

Q4-15 141,552 (141,552) - - 738,969 1,446,605 - 75,552,582

Q3-15 138,289 (138,289) - - 700,643 2,582,512 - 73,225,455

1,298,330 - 67,604,745

Q2-15 134,316 (134,316) - - 711,543 1,353,407

Q1-15 135,484 (135,484) - - 676,494

- 69,804,011

Q4-14 125,215 (125,215) - - 659,319 1,626,271 - 65,494,436

Q3-14 125,566 (125,566) - - 678,086 1,137,532 - 63,083,631

737,418 - 59,202,821

Q2-14 116,188 (116,188) - - 587,157 1,236,281

Q1-14 117,404 (117,404) - - 563,749

- 61,142,447

Q4-13 118,523 (118,523) - - 626,689 1,274,466 - 57,784,250

Q3-13 119,579 (119,579) - - 577,132 1,281,963 - 55,764,572

1,008,595 - 52,039,693

Q2-13 114,321 (114,321) - - 614,499 1,017,385

Q1-13 111,283 (111,283) - - 537,752

- 53,785,899

Q4-12 111,172 (111,172) - - 556,596 275,792 - 50,382,062

Q3-12 112,657 (112,657) - - 507,812 241,402 - 49,438,502

901,568 - 47,446,201

Q2-12 112,888 (112,888) - - 509,531 508,013

Q1-12 111,217 (111,217) - - 493,533

- 48,576,632

Q4-11 105,172 (105,172) - - 494,238 861,186 - 45,939,883

Q3-11 102,378 (102,378) - - 475,316 1,177,552 - 44,479,286

1,625,891 - 40,731,647

Q2-11 108,017 (108,017) - - 453,861 1,430,515

Q1-11 106,141 (106,141) - - 420,096

- 42,724,039

Q4-10 86,182 (86,182) - - 472,715 1,853,828 - 38,579,519

Q3-10 106,736 (106,736) - - 483,864 499,066 - 36,166,794

(713,749) - 32,511,610

Q2-10 106,745 (106,745) - - 496,321 1,962,452

Q1-10 109,550 (109,550) - - 538,285

- 35,077,128

Q4-09 79,952 (79,952) - - 579,379 (1,563,298) - 32,577,523

Q3-09 78,944 (78,944) - - 624,069 (3,534,612) - 33,481,491

(8,319,985) - 41,857,460

Q2-09 78,203 (78,203) - - 670,435 (6,293,009)

Q1-09 110,472 (110,472) - - 523,878

- 36,313,089

Q4-08 110,261 (110,261) - - 585,679 (9,080,248) - 49,543,096

Q3-08 123,747 (123,747) - - 645,080 (538,431) - 57,927,403

(373,919) - 57,321,544

Q2-08 111,284 (111,284) - - 631,957 (367,778)

Q1-08 112,904 (112,904) - - 651,179

- 57,697,007

Q4-07 112,345 (112,345) - - 688,506 282,912 - 56,931,379

Q3-07 114,440 (114,440) - - 632,574 1,618,954 - 55,847,617

256,116 - 50,404,256

Q2-07 111,923 (111,923) - - 643,682 2,321,789

Q1-07 40,023,079 (23,079) - - 125,061

- 53,481,649

Q4-06 10,000,000 - - - - - - 10,000,000

Prudential PRISA


Qtr.
















Equity Multiple:

Since Inception


2.5% 5.2% -1.6%

9.8% 14.9%

3.6% 7.2%


Five-Year 13.3% 4.8% 9.4%

11.8%

14.5% 11.7%

Two-Year 13.3% 4.8% 9.3% 14.4% 11.8%

Three-Year 13.8% 4.7%

1.1% 1.2% 2.4%

One-Year 11.5% 4.8% 7.5% 12.5% 9.7%

1.9%

Year-to-Date 7.0% 3.4% 4.2% 7.7% 6.5%

Quarter 2.1%


(After Fees) Income Appreciation Total Gross Total

1.55


LA WPERP NCREIF

PRISA II

Diversified domestic value fund. $0

5.7%

$11,095,381,757 $21,500,000

$7,873,174,735 $0

29.0% $23,368,854

N/A 0.5%

149 5.4%

9.0% 6/2007

7/1980 $36,248,802

Prudential PRISA IIPartner/Manager: PGIM Real Estate

Insurance Separate Account Value

East 42.2%

Midwest 6.2%

South 13.9%

West 37.6% Office

42.2%

Industrial 1.7%

Retail 17.6%

Resid'l 21.5%

Hotel 2.9%

Land 5.4%

Other 8.7%


Private Debt 2.4%




5,651,405 7,212,137 16,405


Total 23,368,854 (1,974,080) - -

- 35,513,448

Q3-16 - (105,226) - - 291,930 427,018

Q2-16 77,182 (77,182) - - 344,944 504,609

16,405 36,248,802

Q1-16 71,346 (71,346) - - 289,350 480,487 - 34,586,713

Q4-15 77,383 (77,383) - - 335,231 1,022,242 - 33,745,530

- 30,785,495

Q3-15 79,117 (79,117) - - 298,897 1,147,165 -

Q2-15 71,815 (71,815) - - 282,784 697,299

32,310,674

Q1-15 69,464 (69,464) - - 240,094 713,556 - 29,733,597

Q4-14 68,110 (68,110) - - 260,748 594,423 - 28,710,483

- 26,870,320

Q3-14 68,301 (68,301) - - 247,426 601,155 -

Q2-14 66,233 (66,233) - - 239,331 599,544

27,787,203

Q1-14 62,662 (62,662) - - 197,656 569,255 - 25,965,213

Q4-13 59,259 (59,259) - - 214,000 871,050 - 25,135,640

- 23,062,467

Q3-13 65,979 (65,979) - - 227,094 635,791 -

Q2-13 63,390 (63,390) - - 201,462 521,836

23,991,331

Q1-13 58,834 (58,834) - - 169,986 222,730 - 22,275,779

Q4-12 58,583 (58,583) - - 195,755 282,059 - 21,824,229

- 20,677,804

Q3-12 59,818 (59,818) - - 184,178 366,033 -

Q2-12 56,487 (56,487) - - 181,548 485,764

21,287,832

Q1-12 56,923 (56,923) - - 160,785 655,793 - 19,954,005

Q4-11 56,380 (56,380) - - 190,834 326,930 - 19,080,504

- 17,597,311

Q3-11 57,942 (57,942) - - 181,306 669,801 -

Q2-11 56,914 (56,914) - - 193,817 670,068

18,506,359

Q1-11 55,866 (55,866) - - 150,046 665,403 - 16,676,512

Q4-10 30,669 (30,669) - - 184,842 772,513 - 15,805,197

- 13,818,202

Q3-10 52,849 (52,849) - - 138,443 807,679 -

Q2-10 1,505,818 (49,818) - - 160,134 733,839

14,817,173

Q1-10 776,085 (41,085) - - 133,001 (86,111) - 11,418,411

Q4-09 398,347 (28,347) - - 169,272 (954,035) - 10,595,436

- 11,817,462

Q3-09 405,045 (35,045) - - 188,218 (1,428,873) -

Q2-09 1,133,713 (32,713) - - 202,590 (1,741,445)

10,981,852

Q1-09 2,968,639 (36,639) - - 140,846 (3,268,854) - 12,222,604

Q4-08 36,366 (36,366) - - 161,243 (2,842,794) - 12,381,973

- 12,745,864

Q3-08 2,246,376 (31,376) - - 134,898 (99,980) -

(17,500) Q2-08 1,488,462 (26,462) - - 118,304

15,027,158

Q1-08 1,119,876 (22,876) - - 84,898

10,043,834

(92,010) - 11,156,598

Q4-07 2,574,729 (15,729) - - 74,283 57,990 -

- - - -

Q3-07 2,913,892 (10,892) - - 41,964 80,976 -

-

7,336,832

4,300,000

Prudential PRISA II


Qtr.



Q2-07 4,300,000 -














Equity Multiple:

Since Inception


8.5% 8.7% 2.2%

2.1% 12.5%

11.0% 11.8%


Five-Year N/A N/A N/A

11.8%

N/A N/A

Two-Year 9.0% 7.6% 2.6% 10.4% 11.8%

Three-Year 10.7% 10.2%

1.7% 1.5% 3.2%

One-Year 6.2% 7.8% -2.9% 4.7% 9.7%

1.9%

Year-to-Date 4.8% 6.3% -2.3% 3.9% 6.5%

Quarter 2.7%



1.16


LA WPERP NCREIF

Torchlight Debt Opportunity IV

Undervalued markets/assets and portfolio

management strategies generally

unavailable to other commercial real estate

debt managers.

$11,824,090

9.5%

$1,172,591,461 $25,000,000

$979,043,202 $0

16.5% $32,321,728

12/2016 2.7%

111 3.8%

15.0% 7/2013

8/2012 $25,614,356

Torchlight Debt Opportunity Fund IVPartner/Manager: Torchlight Investors

Limited Liability Corporation Opportunistic

East 27.3%

Midwest 18.7% South

29.0%

West 25.0%

Office 17.2%

Industrial 17.1%

Retail 17.2%

Resid'l 31.7%

Hotel 13.4%

Other 3.3%


Public Debt 51.6%

Private Debt 31.2%




(12,688) 3,789,184 1,340,222


Total 32,321,728 (1,212,504) (7,341,810) (4,482,280)

215,439 25,282,589

Q3-16 - (110,231) - (354,612) 353,679 169,360

Q2-16 - 33,460 - (356,916) 588,303 (463,143)

163,340 25,614,356

Q1-16 3,672,465 261,650 - (197,164) 347,350 (208,184) 6,057 25,298,906

Q4-15 3,672,466 92,242 - (643,417) 210,495 52,022 (20,677) 21,678,382

501,371 21,205,373

Q3-15 - (59,126) (2,448,310) (773,191) 329,050 (271,138) 365,709

Q2-15 - (394,213) - (380,273) 282,680 (1,716)

18,407,493

Q1-15 - (80,702) - (250,263) 297,496 152,233 (10,662) 20,803,311

Q4-14 - (288,277) - (224,260) 269,158 365,475 17,021 20,614,507

17,759,248

Q3-14 2,448,311 (47,426) - (381,947) 306,825 87,800 (33,124)

423,133 136,035

20,187,113

(76,510) - - 175,670

122,035 (17,144)

(102,410) (9,043)

31,464

10,267,190

Q2-14 7,316,086 (110,094) - (414,660)

Q3-13 15,212,400 (356,640) - - (637,718) 14,679,573

Q4-13 - (76,637) (4,893,500) (505,577) 843,063 (51,057) 130,471 10,202,973

Q1-14 -

Torchlight Debt Opportunity Fund IV


Qtr.
















Equity Multiple:

Since Inception


5.6% 22.5% 0.1%

N/A N/A

22.7% 11.0%


Five-Year N/A N/A N/A

N/A

N/A N/A


Three-Year N/A N/A

5.4% 6.1% 11.4%

One-Year 10.0% 18.0% 2.0% 20.2% 9.7%

1.9%

Year-to-Date 10.7% 14.4% 3.3% 17.9% 6.5%

Quarter 9.0%



1.07


LA WPERP NCREIF

Torchlight Debt Opportunity V

Invest across the entire spectrum of debt

and other interests relating to commercial

real estate.

$0

10.7%

$638,734,839 $30,000,000

$289,088,396 $24,000,000

54.7% $6,000,000

6/2019 2.2%

57 1.0%

13.0% 6/2015

3/2015 $6,440,982

Torchlight Debt Opportunity Fund VPartner/Manager: Torchlight Investors

Limited Liability Corporation Opportunistic

East 29.5%

Midwest 11.7%

South 32.7%

West 26.1%

Office 20.2%

Industrial 3.5%

Retail 16.3%

Resid'l 33.9%

Hotel 20.0%

Other 6.1%

Private Equity

4.6% Public Debt

76.7% Private Debt

18.7%




6,440,982


- 370,333 (99,360) 170,009

155,770 123,698 133,273

Total 6,000,000 (594,612) -

Q3-16 1,500,000 (112,840) - -

- 4,384,821

Q2-16 - (90,000) - - 129,518 (43,354)

Q1-16 - (90,000) - -

57,256 4,528,241

Q3-15 - (90,000)

60,822 (132,443)

18,706 (20,539) Q4-15 3,000,000 (90,000) - -

- -

(20,520) 4,456,442

47,005 (70,793) - 1,478,795

Q2-15 1,500,000 (121,772) - -


(41,488) - 1,502,583 44,071

Torchlight Debt Opportunity Fund V


Qtr.
















Equity Multiple:

Since Inception


N/M N/M N/M N/M

N/A N/A

2.3%


Five-Year N/A N/A N/A N/A

N/A

N/A


Three-Year N/A N/A

-4.7% 9.3% 4.5%

One-Year N/A N/A N/A N/A N/A

1.9%

Year-to-Date 4.5% -4.7% 9.3% 4.5% 1.9%

Quarter 4.5%



1.05


LA WPERP NCREIF

Westbrook X

Target existing assets in need of

improvements and repositioning and/or

have distressed capital structures in select

global markets.

$0

N/M

$808,098,056 $60,000,000

$158,008,153 $56,842,105

80.4% $3,157,895

9/2019 2.1%

11 0.5%

12.0% 7/2016

1/2015 $3,300,453

Westbrook Real Estate Fund XPartner/Manager: Westbrook Partners


East 47.1%

West 27.6%

Foreign 25.3%

Office 57.0%

Industrial 6.5%

Retail 7.1%

Resid'l 14.2%

Hotel 15.2%





Westbrook Real Estate Fund X


Qtr.



3,300,453 Q3-16 3,157,895 - - - (149,852) 292,410 -

Total 3,157,895 - - -


- (149,852) 292,410


los angeles department of water and power …€¦ · courtland partners, ltd. 127 public square,...

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